Capiton buys majority stake in Wundex

Wundex's investor base includes SME-focused sponsor BE Beteiligungen, as well as the company's two founders and managing directors. Wundex's founders and managing directors will remain as shareholders in the business, according to a statement from sell-side adviser Cowen.

Unquote sister publication Mergermarket reported in January 2021 that the sale process for a minority stake in Wundex had entered its second round. The company was marketed based on EBITDA of €7m, according to the report.

Sources who spoke to Mergermarket compared the company to former EQT portfolio company BSN Medical, which was sold to trade in 2016 for €2.74bn, with the caveat that Wundex is smaller and engages in wholesale activities, rather than manufacturing.

Capiton is currently deploying equity via Capiton VI, which is currently on the road with a target of €550m. Wundex is to be the fund's third platform investment, according to Unquote Data.

Capiton said in a statement that it intends to support Wundex's organic growth. The GP has also reserved additional capital to support add-ons, which will involve acquiring smaller market players.

Company
Headquartered in Senden, Wundex sources and sells wound care products and also provides advice on wound care for patients with chronic wounds. Its client base also includes healthcare practitioners and doctors. The company had 72 employees in 2019, according to its latest publicly available accounts.

People
Wundex – Michael Grubschat, Christian Claaßen (managing directors).
Capiton – Fritjof Franz (partner); Jonathan Lerman (associate); Bode Zhang (analyst).
BE Beteiligungen – Roland Eschmann, Rolf Brodbeck (managing directors).

Advisers
Vendor – Cowen, Dierk Beyer, Max Dreschel (M&A).
Equity – WMC Healthcare (commercial due diligence); KPMG (financial due diligence); BMH (legal); EY (tax), Code & Co (IT due diligence); AvS (management due diligence); Tauw (ESG due diligence).

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