IK Investment Partners acquires Ondal from Capvis

The company's management will retain a minority stake, with IK holding a majority stake.

IK Investment Partners drew equity from IK VIII Fund, which held a final close in November 2016 on €1.85bn. Ondal is the 15th investment from the fund.

"We have been interested in Ondal for quite a while as it fits well with our investment criteria, and we have a strong focus on healthcare and medtech, where we have done a number of previous investments," IK partner Anders Petersson told Unquote. "The company has a strong market position, with strong customer relationships on the back of good technology and a good product portfolio."

Ondal is IK Investment Partners' third investment in medtech this year, following investments in Klingel Medical Metal in March 2019 and Lap Group in June 2019.

The acquisition took place following a limited structured auction process led by William Blair.

On the GP's plans for Ondal, Petersson said: "There will be ongoing investment in product development, plus investments in sales, and winning new customers and growing with existing customers. There could be selected add-on acquisitions that make sense and fit the portfolio to build on the platform."

Previous funding
Capvis acquired a majority stake in Ondal in 2012 from Munich-based Findos Investor, which acquired the group in 2007. Capvis invested from 2008-vintage vehicle Capvis Equity III.

During the investment period, Ondal expanded its product portfolio and consumer base, according to a statement. Capvis also invested in manufacturing processes and structures in the company's Hünfeld-based production site.

Company
Ondal develops and manufactures medical pendant systems used in operating theatres and hospitals. The company reported revenues of €77m in the last financial year and claims it has experienced steady growth in previous years.

Ondal was founded in 1945 and has a headcount of 500 in Hünfeld in Germany, Richmond in the US and Shanghai in China. 

People
Ondal – Bernd Fabian (CEO); Markus Schneider (CFO).
IK Investment Partners – Anders Peterssen (partner).
Capvis – Eric Trüeb (partner).

Advisers
Equity – Quarton, Konstantin Schönborn, Rolf Holtmann (corporate finance); Alvarez & Marsal, Georg Hochleitner (strategic due diligence); Eight Advisory, Michael Wahl (financial due diligence); Renzenbrink & Partner, Ulf Renzenbrink (legal).
Vendor – William Blair, Philipp Mohr, Eike Dickmann (corporate finance); Hengeler Müller, Daniel Wiegand (legal).

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• Topics
• Buyouts
• Exits
• DACH
• Healthcare
• Secondary buyout
• Germany
• IK Investment Partners
• Capvis AG