SHS exits minority stake Blazejewski Medi-Tech

SHS acquired a 24.9% stake in the company in February 2020 via SHS IV, marking the fund's final platform investment. 

Founder Reinhold Blazejewski retained a majority shareholding under that transaction and will transition to a minority when the sale to Erbe completes. 

Erbe Group is a German family-owned group that develops, manufactures and markets surgical systems for in various medical disciplines globally. 

SHS said in a press release that its investment has helped Blazejewski Medi-Tech to develop further into 2D and 3D chip-on-the-tip technologies, whereby the image sensor is placed on the stem of the device rather than the handle. 

The GP added that it has expanded the customer base internationally and brought additional managers and employees on board. 

SHS IV, a 2014-vintage fund, still has the majority of its 10 investments unrealised, according to Unquote Data. It sold Puracon to IK-backed Klingel in December 2020, Medigroba to trade, and EIT to J&J. 

Unrealised assets include Austrian robotics group Tyromotion; SIS-Schwager Group, which treats vascular diseases; and medical product wholesaler Novo Klinik-Service. 

The GP's fifth fund, SHS V, is still in the investment phase, with around seven investments out of an expected 12-15, according to Unquote Data, despite SHS holding a first close for SHS VI in July this year on EUR 220m. 

The new fund will start to expand the GP's investment remit more into the Benelux and the Nordics, as reported. 

Company
Founded in 1991, Blazejewski Medi-Tech is an OEM manufacturer of medical endoscopes and visualisation units for minimally invasive and surgical applications.

People 
SHS - Manfred Ulmer-Weber (managing partner).
Erbe Group - Christian O. Erbe (CEO).
Blazejewski - Reinhold Blazejewski (CEO).

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