SHS sells stake in Medigroba to trade

The GP acquired a majority stake in Medigroba in November 2016, investing alongside the company's two managing directors. SHS deployed equity via SHS IV Fonds, which held a final close in May 2015 on €125m. The GP makes both buyout and growth capital deals, investing €2-30m or up to €60m with co-investors, targeting deals valued at up to €100m.

At the time of SHS's investment, Medigroba had 70 employees and served around 3,000 patients. It now employs 120 staff. During the investment period, the company's revenues doubled, while its EBITDA tripled, SHS said in a statement.

Asked about the rationale behind the timing of the exit, Uwe Steinbacher, managing director and partner at SHS, told Unquote: "We were approached by a handful of interested parties without having started a formal sale process. It is interesting to note that the requests came all within a certain time frame. I would say that Medigroba has reached a level of interest in the market and the positive development of the company has been recognised by strategic acquirers."

Steinbacher added that the bidders involved were exclusively strategic players.

The deal is SHS's second exit of 2021; the GP sold its stake in Crystal Laser Systems to Silver Investment Partners in March 2021. The GP is now deploying via its €150m fifth fund and expects to launch fundraising for its next fund later in 2021, as reported.

Company
Founded in 1975 and based in Balingen, Medigroba was originally founded as a medical wholesaler. The company has provided homecare services on behalf of clinics, care facilities, health insurance companies and specialised medical practices since the 1990s. Its services include ventilation, pain therapy and wound care. The company reports revenues of almost €20m, Steinbacher told Unquote.

People
SHS – Uwe Steinbacher (managing director, partner).
Medigroba – Bodo Weinitschke, Frank Franzen (managing directors).

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• Topics
• Exits
• DACH
• Healthcare
• Trade sale
• Germany