Nordic picks Jefferies for upcoming Sunrise Medical auction

The process is expected to launch soon, one of the sources said. The company generated EUR 130m EBITDA in 2022, said a further source familiar.

Sunrise is expected to see only lukewarm interest among buyers due to its slow growth, but its steady cash flow makes it a likely candidate for infrastructure funds, said an additional source. However, one of the sources countered that saying that there has been strong interest from financial sponsors and other buyers pointing to 10% CAGR over the past couple of years.

Ongoing difficulties in underwriting leveraged buy-outs are widely impacting large-cap exits globally, with a further source familiar saying that Nordic Capital is running the lender education process themselves.

Sunrise Medical, which produces both manual and motorised wheelchairs and other mobility aids, is one Nordic Capital's longest-held assets. The sponsor acquired the business via its Nordic Capital Fund VII in 2015 and then moved it to the continuation vehicle CV1 in 2018. It is Nordic's second most likely exit candidate with a likely-to-issue score of 69.21, according to Dealogic's predictive algorithm.

The EUR 2.2bn CV1 vehicle held nine portfolio assets from Nordic's seventh vintage flagship fund. To date, it still also holds steel contractor Bladt Industries and sports retailer Unisport, both based in Denmark.

The sponsor has exited immunodiagnostics group The Binding Site to Thermo Fisher Scientific, Swiss pharmaceuticals company Acino to Abu Dhabi's ADQ, and trading tech platform Itiviti to Broadridge Financial Solutions.

Nordic Capital declined to comment, Jefferies and Sunrise Medical did not respond to requests for comment.

[Editor's Note: The fourth paragraph was amended to state that Nordic Capital Fund VII acquired Sunrise Medical in 2015.]

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