SHS buys minority stake in Blazejewski Medi-Tech

Harriet Matthews
27 February 2020

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Germany-based healthcare and life sciences investor SHS has bought a minority stake in endoscope manufacturer Blazejewski Medi-Tech.

The GP will own a 24.9% stake, with owner and founder Reinhold Blazejewski retaining a majority stake.

Manfred Ulmer-Weber, senior investment manager at SHS, explained how the deal came about: "We got to know the company around three years ago and we kept in touch after that. From the beginning, we realised that there would be synergies: we liked the company and the potential, and the founder Reinhold Blazejewski knew that we understand medical devices, medical technology and life sciences. Based on the background and the relationship, we met more often, discussed how to cooperate and this turned into the deal."

Asked about the strategy for the company, Ulmer-Weber said: "Add-on acquisitions are not the focus: we see strong potential for growth with the company's client base and the products in 2D and 3D endoscopy systems, as well as robotic systems."

SHS also plans to assist the company with its international expansion. "We have a clear plan for internationalisation. We are of course looking to strengthen the US business, and we want to look to Asia, too," said Ulmer-Weber.

SHS deployed equity from SHS IV Fonds, which held a final close in May 2015 on €125m, surpassing its target of €100m. The investment in Blazejewski Meditech marks the last investment from the fund, Ulmer-Weber told Unquote.

The GP will be making future investments from SHS Fonds V, which held a first close in July 2018 on €90m with a target of €150m. The fund has made four investments so far, Ulmer-Weber told Unquote, and has one deal in the pipeline that is expected to close by the end of Q1 2020.

SHS said in a statement that its fifth fund has now received more than €130m in commitments.

Company
Blazejewski Medi-Tech was founded in 1991 by Reinhold Blazejewski. The company employs 70 staff and is based in Sexau, Baden-Wuerttemberg. It produces and distributes 2D and 3D endoscopy equipment for use in operations and medical devices.

People
Gesellschaft für Beteiligungsmanagement - Manfred Ulmer-Weber (senior investment manager).
Blazejewski Medi-Tech - Reinhold Blazejewski (founder).