HIG Capital (HIG), a global private equity investment firm with over EUR31 billion of equity capital under management, has signed agreements to acquire Meyra Group SA (Meyra) and Alu Rehab AS (Alu Rehab).
HIG intends to combine the two companies to form a large-scale mobility equipment manufacturer in Europe. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated by end of 2019.
Founded in 1936, Meyra designs, manufactures and sells active and e-powered wheelchairs, rehabilitation equipment and orthopaedics. With manufacturing, assembly and distribution sites in Germany and Poland, Meyra has approximately 600 employees and is expected to generate more than EUR80 million in sales in 2019.
Established in 1989, Alu Rehab is a comfort wheelchair specialist. With approximately 120 employees, the company has manufacturing, assembly and distributions facilities in Norway, Denmark and China.
Both companies will form a new mobility equipment manufacturer in Europe. The current management teams of both companies will continue to run the group going forward. The combined group will generate over 40 per cent of its sales in the German-speaking healthcare market. Going forward, the new group will further grow in currently underrepresented European countries and selected markets outside Europe, organically and through focused acquisitions.
Michał Perner, President of the Management Board and founding shareholder of Meyra, says: “Meyra is a very strong brand that has continuously expanded its market position due to superior quality of products and reliable services. We are delighted to partner with HIG, who will support us to tap the substantial additional potential of the company and the market we are operating in.”
Kjetil Gausel, CEO of Alu Rehab, says: “For Alu Rehab, joining with Meyra will open attractive opportunities as we significantly expand our product portfolio and geographic reach. We are convinced that our unique Netti seating system in combination with Meyra’s high-quality active and e-powered wheelchair bases will generate substantial additional demand for the group.”
Holger Kleingarn, Managing Director at HIG, says: “The combination of Meyra and Alu Rehab represents a strong strategic and cultural fit. We look forward to the partnership with Michał, Kjetil and their teams and to supporting them in the group’s international expansion, both organically and by acquisition.”
