M&A transactions for Sunrise Medical, Quantum Rehab

Friday, June 12, 2015

FRESNO, Calif. – Nordic Capital, the private equity firm that formerly owned Permobil, has bought Sunrise Medical.

Nordic Captial, along with IK Investment Partners, was rumored to be in the running to buy Sunrise Medical from Equistone Partners, a European-based investment firm that bought the company from Vestar Capital Partners in 2012.

Nordic Capital sold Permobil to Investor AB for $842.3 million in 2013, but it also owns Handicare, a Swedish-based manufacturer of wheelchairs, rollators, scooters, manual transfer aids and lifts.

“Nordic Capital is very enthusiastic about this investment and to further build upon its platform in the mobility solution segment,” stated Fredrik Naslund, a partner at NC Advisory AB, advisor to Nordic Capital. “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.”

While Nordic Capital and Sunrise Medical did not disclose terms of the deal, its value could be close to $507 million, according to an article published in May by Reuters.

Under Equistone’s ownership, Sunrise Medical has completed four add-on acquisitions, most recently Switch-It in March of 2015 and RGK Wheelchairs in April 2015. It’s a strategy that will continue under Nordic Capital.

“This new partnership puts Sunrise Medical in a perfect position to significant grow the business over the coming years, organically and also by way of acquisitions,” stated Thomas Rossnagel, president and CEO of Sunrise Medical.

Rehab accessories companies merge

BURNET, Texas – Stealth Products, a Quantum Rehab company, has acquired Accessible Designs, Inc. San Antonio-based ADI is best known for its ultralight wheelchair seating systems and aftermarket accessories, including disc brakes that increase functionality and safety. “Stealth and ADI have worked together for many years with complementary mobility-related products,” stated Lorenzo Romero, president of Stealth Products. “With shared visions of furthering product innovation, our companies align so well that we feel strongly that this acquisition can serve the market even better.” All manufacturing, distribution and sales responsibility for ADI products will transfer to Stealth Products effective July 1, 2015. Todd Hargroder, the founder and CEO of ADI, will move to Stealth in a senior engineering role. Dylan Springfield, the company’s national sales manager, will also move into a new sales role with Stealth.