Monitor's STS bolts on MSS

MSS, the sixth business unit for STS, will provide an entry point into the German procedural kits market, reportedly the largest in Europe worth approximately €94m. The buyer's production capacity in the country will experience a boost after incorporating MSS's three facilities, together employing 250 people.

The add-on is part of STS's strategy to expand across the European surgical customised procedural kits market, with a focus on the DACH region, Italy, France and Spain. The industry generated €720m in revenues in 2014, with expectations for 10% year-on-year growth in the coming years.

In its expansion, the business is prioritising ophthalmic kits, which represented an estimated $150m in turnover in Europe in 2014. Both MSS and Florence-based Luigi Salvadori (bolted on in May) operate within the segment. The latter bolt-on was supported with further equity by Monitor Clipper Partners, which typically writes $10-70m cheques.

Company
MSS was founded in 2006 as a manufacturer of custom kits for ophthalmological surgeries. Since that date, the company has grown to service the gynaecology, dental, angiography and orthopaedic areas. Headquartered in Großwallstadt, the company employs 250 professionals across three production sites in Germany.

Luxembourg-headquartered STS was established in 2012 by Monitor Clipper Partners and Augusto Orsini. The company specialises in the design and distribution of customised procedural trays (CPT), CPT components, protective clothing and medical devices. The business employs more than 900 staff and posted a consolidated turnover of roughly €65m in 2014.

People
Monitor Clipper was represented by partner Stephen Lehman. Augusto Orsini is CEO at STS. Detlev Neumann will remain as managing director of MSS after the takeover.

Advisers
Equity – Corvel, Philipp Jacobi (Legal); MNKS, Catherine Baflast, Soledad Pascual (Legal); PwC, Gerard Schustereder, Christian Kuepker (Financial due diligence, tax).

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