Jersey, Channel Islands-based private equity firm Nordic Capital increases its investment in the mobility and services sector with its recent acquisition of Sunrise Medical, Fresno, Calif, from Equistone Partners Europe.
Sunrise Medical develops, designs, manufactures, and distributes manual wheelchairs, power wheelchairs, and scooters, as well as seating and positioning products. Its key products, marketed under the Quickie, Sopur, Zippie, Breezy, Sterling, and Jay proprietary brands, are sold through a network of homecare medical product providers or distributors in more than 130 countries. Headquartered in Malsch, Germany, the company employs more than 2,000 people worldwide, a press release from Sunrise Medical explains.
In 2012, funds managed by Equistone took a majority stake in Sunrise Medical. According to Equistone Partners Europe managing director Dirk Schekerka, in the release, this investment strengthened Sunrise Medical’s international market position and enabled it to grow into a leading international manufacturer of individual high-tech mobility products.
With this acquisition, Nordic Capital expands its holdings within mobility products both in Northern Europe and internationally, per the release.
“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,” says Sunrise Medical president and CEO Thomas Rossnagel, in the release.
“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,” he continues.
“Nordic Capital is very enthusiastic about this investment and to further build upon its platform in the mobility solution segment,” shares Fredrik Näslund, partner, NC Advisory AB, and advisor to the Nordic Capital Funds, in the release.
“Over the coming months we will work with both management teams to identify these opportunities,” he continues.
This transaction is subject to approval by the competition authorities, and all parties have agreed not to disclose the transaction value, per the release.
[Source: Sunrise Medical]