Sunrise Medical sells to investment firm
FRESNO, Cailf. – Sunrise Medical announced Nov. 6 that it plans to sell its global mobility and seating business to Equistone Partners Europe.
The deal, expected to close by year-end, gives Sunrise Medical the resources to significantly expand its global business, stated Thomas Rossnagel, CEO of Sunrise Medical in a press release.
“The corporation holds a very strong market position and the past three years’ financial performance has been outstanding,” he said. “My team and I are excited about the opportunity to take Sunrise Medical to the next level of performance.”
Equistone Partners is an independent investment firm owned and managed by the former executives of Barclays Private Equity. It has a team of 33 investment professionals operating across four countries: France, Germany, Switzerland and the U.K.
The deal gives Equistone a platform in an “exciting market with high potential for further development,” stated Dirk Schekerka, managing director of the company’s operations in Germany, in the release.
This is only the latest twist in Sunrise Medical’s ownership. For several years, Vestar Capital Partners, a New York City-based private equity firm, has been a large investor in the company. Jim Elrod, a managing director and co-head of Vestar’s Healthcare Group, has been a director at Sunrise Medical.
“Our partnership with Vestar Capital Partners has helped the company focus its innovation and operating strengths on the mobility business globally,” Rossnagel stated.
Back in 2007, Sunrise Medical sliced itself down the middle, creating two independent organizations, one focusing on mobility (Sunrise Medical) and the other on respiratory products (DeVilbiss).