VC firms sell Invendo Medical to Ambu for €225m

Selling shareholders include Xeraya Capital, TVM Capital, Wellington Partners, 360 Capital Partners and Heidelberg Innovation.

The purchase price consists of a €115m upfront payment and contingent payments of €110m. The contingent payments are €70m in milestone payments linked to FDA clearance and €40m earn-out payments over a four-year period.

Invendo has raised €26.8m over three rounds since 2008, according to unquote" data.

The buyer has entered the field of gastrointestinal endoscopy with the acquisition. Ambu posted revenues of DKK 601m for Q4 2017 with an EBIT of DKK 130m (21.6%). It does not expect the acquisition of Invendo to impact sales for 2017 and its EBIT margin is expected to decrease by less than 100 basis points.

Previous funding
In 2008, Wellington Partners and TVM Capital co-led a €4.5m funding round for Invendo alongside Heidelberg Innovation. This round was extended by €2m when 360 Capital joined in April 2009.

All existing investors backed a €20.3m funding round led by life sciences investor Xeraya in March 2014; the round also took contributions from new investors including an unnamed family office.

Company
Originally founded in 1992 as STM Medizintechnik, the company changed its name to Invendo Medical in February 2006. Headquartered in Kissing, Germany, with an office in New York, Invendo manufactures and distributes a single-use and computer-assisted colonoscopy system. It employs 35 people.

People
Xeraya Capital – Fares Zahir (CEO).
Ambu – Lars Marcher (CEO).

Advisers
Equity – Barclays (financial due diligence); CMS (legal).

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