Nordic Capital Fund VII (Nordic Capital) has acquired Sunrise Medical, a specialist in premium mobility products, from Equistone Partners Europe (Equistone).
Sunrise Medical develops, designs, manufactures and distributes manual wheelchairs, power wheelchairs, scooters, as well as seating and positioning products. The Company’s products are sold in over 130 countries. Sunrise Medical’s headquarters are based in Malsch, Germany and the company has 2,000 employees worldwide.
Thomas Roßnagel, President & CEO of Sunrise Medical, says: “With Equistone’s outstanding support, for which I am very thankful, we were able to develop Sunrise Medical to its next level of performance as the Global Leader in premium mobility products. I am extremely pleased that with Nordic Capital we were able to attract one of the most knowledgeable and experienced financial sponsors in our space. This new partnership puts Sunrise Medical in a perfect position to significantly grow the business over the coming years, organically and also by way of acquisitions.”
In November 2012, funds managed by Equistone, took a majority stake in Sunrise Medical. Following this investment, Sunrise Medical has achieved strong organic growth in its core markets, as well as in developing countries. The Company has also successfully completed 4 add-on acquisitions between November 2012 and today, most recently with SwitchIt (USA, March 2015) and RGK Wheelchairs Ltd. (UK, April 2015).
Dirk Schekerka, Managing Director at Equistone Partners Europe, says: “Since our initial investment in Sunrise Medical, we’ve pursued a clear growth strategy and strengthened the Company’s international market position. Today, following astute acquisitions and successful growth, Sunrise Medical is a leading international manufacturer of individual high-tech mobility products. We wish Thomas Roßnagel and his team all the best and lots of success.”
With the addition of Sunrise Medical, Nordic Capital invests further in the high quality mobility products and services sector, and expands its holdings within mobility products both in Northern Europe and internationally.
Fredrik Näslund, Partner, NC Advisory AB, advisor to the Nordic Capital Funds, says: “Nordic Capital is very enthusiastic about this investment and to further build upon its platform in the mobility solution segment. With both Handicare, acquired in 2010, and now Sunrise Medical in Nordic Capital’s portfolio, there are plenty of opportunities to strengthen both businesses. Over the coming months we will work with both Management Teams to identify these opportunities.”
The parties have agreed to not disclose the transaction value.The transaction is subject to approval by the competition authorities.
