Platinum Equity to acquire German wheelchair maker Sunrise Medical from Nordic Capital
US investment firm Platinum Equity has signed an agreement to acquire Sunrise Medical from Scandinavian investor Nordic Capital, according to statements from all three parties. The acquisition is being led by Platinum Equity’s European investment team based in London.
Financial terms were not disclosed but the acquisition is expected to be completed in the third quarter of this year, subject to customary regulatory approvals.
The acquisition ends the German wheelchair maker’s plans to seek a listing on the Frankfurt Stock Exchange. Sunrise Medical had recently stated its plans to list its shares in a private placement over the next few months to reduce debt and as Nordic seeks to reduce its holding in the company.
Sunrise Medical, a global supplier of assistive mobility solutions, is active in the development, design, manufacturing, and distribution of products such as manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, seating and positioning systems as well as daily living aids and other home medical equipment.
Products are marketed under the Quickie, RGK, Magic, JAY, Zippie, Leckey, Breezy, Sterling and other proprietary brands and are sold through a network of homecare medical product dealers or distributors in over 130 countries. Earlier this year, Sunrise Medical launched the Q50 R Carbon, a lightweight folding power wheelchair.
Headquartered in Malsch, Germany, Sunrise Medical has manufacturing facilities in the United States, Mexico, Germany, Spain, China and the UK.
Louis Samson, Co-President at Platinum Equity, commented: “Sunrise Medical is an innovative, global company that has been a pioneer in mobility solutions for more than 40 years.
“We believe strongly in the company’s core mission and are committed to partnering with the management team to continue investing in development of advanced clinical solutions tailored to the individual needs of people who depend on them.”
Thomas Babacan, President and CEO of Sunrise Medical, will continue leading the company following the transition to new ownership. He added: “We are a purpose-driven company with the ability to positively impact people’s lives.
“As we continue to innovate and grow, we have the opportunity to be impactful on an even larger scale. Platinum has a lot of experience supporting complex, global businesses and the firm’s financial resources and operational expertise will be especially valuable to our mission. We are excited about the opportunities ahead.”
Igor Chacartegui, Managing Director at Platinum Equity, commented: “Sunrise Medical has established an impressive global network serving the mobility needs of people around the world.
“We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company’s product line, provide new technological capabilities, or further extend the company’s geographic reach.”
JP Morgan is serving as financial advisor to Platinum Equity on the acquisition of Sunrise Medical. Willkie Farr & Gallagher LLP is providing legal counsel and Latham & Watkins LLP is providing regulatory counsel to Platinum Equity on the transaction.
