Serendipity acquires 51% stake in Topro's German subsidiary

The healthcare-focused private equity firm acquired the majority stake, while a minority stake was acquired by Investinor, the venture capital investment arm of national development bank Innovasjon Norge, funded by the Norwegian government.

Serendipity was attracted to the firm by its 40% market share in Germany and the export side of the business, Serendipity managing partner Egil Bodd told unquote".

The investment was made via the private equity firm's Nordic and Europe Health Invest I fund, which targets Nordic and northern Europe-focused companies in the healthcare sector. The fund is registered with Norway's financial authority and has approximately NOK 800m under management.

The vehicle's main focus is to invest in established companies, but up to 20% of the fund can be invested in earlier stage investments. Its mandate is to acquire controlling positions, with the option to take minority stakes.

Around half of the fund is invested in public companies.

Company
Headquartered in Fürstenfeldbruck near Munich, Topro Germany was established in 2010 as the first subsidiary outside of Norway for Gjøvik-based Topro.

Topro manufactures mobility aids including rollators, walkers, rise and recline chairs, as well as access and support handles to enable users to access cars and buildings.

Topro was founded in 1966 and employs a staff of 440 across all its businesses.

People
Serendipity Partners – Egil Bodd (managing partner).

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