Sunrise Medical switches investor hands
By HME News Staff
Updated 12:55 PM CDT, Wed June 5, 2024
MALSCH, Germany – Private equity investor Nordic Capital has entered into an agreement to sell Sunrise Medical to Platinum Equity.
Nordic Capital says following its acquisition of Sunrise Medical in 2015, the company’s revenue has almost doubled from EUR 364 million to EUR 636 million in fiscal year 2022-23 and its profitability has improved. The company’s number of employees has grown from 2,000 to more than 2,800 worldwide.
“Nordic Capital's deep sector expertise, focus on operational excellence, and experience in how to advance global expansion, have been instrumental in the growth of Sunrise Medical,” said Thomas Babacan, president and CEO of Sunrise Medical. “Based on our strong global footprint and proven strengths in providing our customers with high quality products and services, coupled with continuous innovation, we are ideally positioned to capture further growth opportunities and look forward to our next chapter.”
To date, Nordic Capital has made 378 health care platform investments and deployed EUR 10.8 billion of equity capital into the sector. Prior to Sunrise Medical, it owned Permobil, which it sold to Investor AB in 2013.
In close partnership with Sunrise Medical’s management team, Nordic Capital says it has focused on the company's operational excellence and platform investments, as well as its environmental, social and governance measures.
"We take immense pride of Sunrise Medical's growth trajectory as it has taken the position as a global frontrunner in the field of complex rehabilitation,” said Fredrik Näslund, partner, Nordic Capital Advisors. “Working closely with the management team, Nordic Capital has supported the company to strengthen its global footprint and to drive continuous innovation to offer high quality mobility products and services. We are excited for Sunrise Medical to take the next step in its development as it persistently challenges the limits of innovation and leads the industry's sustainable transformation.”
Los Angeles-based Platinum Equity, founded in 1995, is a global investment firm with more than $48 billion of assets under management. Its current portfolio of about 50 companies operates in a diverse range of industries, generates about $90 billion of aggregate revenue and employs about 190,000 people across the globe.
Sunrise Medical’s activity, while owned Nordic Capital, has included:
Acquiring Ride Designs in 2023
Acquiring The Helping Hand Company and Now Tech in 2022
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