EQT sells HTL-Strefa to Investindustrial

Nicole Tovstiga
16 May 2018

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EQT has wholly exited its Poland-headquartered portfolio company HTL-Strefa, a manufacturer of safety and personal lancets for capillary blood sampling, in a sale to Investindustrial.

Following the acquisition, Investindustrial will merge HTL with PIC, a division of Italian healthcare and childcare products distributor Artsana Group's healthcare business, which the GP acquired in 2016.

Artsana's Catelli family will remain as minority shareholders in the combined entity, which will be chaired by current CEO Claudio De Conto. HTL-Strefa's CEO, Mikkel Danvold, will remain in his role to lead the company through the next phase of its growth plan.

PIC's consumer health capabilities and HTL's medical technology will enable the combined group to offer a range of specialised diabetes management devices across consumer and professional healthcare channels, with sales in 100 countries and around 1,800 employees.

UniCredit acted as sole global coordinator for the buyer.

Previous funding
EQT wholly acquired HTL-Strefa in October 2009 via its EQT V buyout fund. The company had previously been listed on the Warsaw Stock Exchange since November 2006.

Company
Founded in 1994 and headquartered in Ozorków, Poland, HTL-Strefa is a manufacturer of lancets for capillary blood sampling. The company operates two business lines: safety lancets, used to obtain capillary blood samples for various diagnostic purposes; and personal lancets, used for self-blood glucose monitoring.

HTL-Strefa reports annual sales of €80m from its operations in Poland and offices in Zurich, Warsaw and Atlanta. It also has a commercial presence in Germany, China, France and Brazil.

People
EQT Partners – Mads Ditlevsen (partner).
HTL-Strefa – Mikkel Danvold (CEO).

Advisers
Vendor – JP Morgan (financial due diligence); Kirkland & Ellis (legal); EY (commercial due diligence).
Acquirer – Chiomenti Studio Legale (legal); Wardynski & Partners (legal); McKinsey (commercial due diligence); Lazard (financial due diligence); PwC (financial due diligence); Willis (insurance due diligence); Golder Associates (environmental due diligence).