Equistone exits Sunrise Medical to Nordic Capital

The deal value is estimated to be around €450m and follows rumours of Equistone's exit, which began to surface in May when Reuters reported IK Investment Partners, Nordic Capital and two family offices were bidding for the company.

Equistone's exit follows three years of ownership during which it supported four bolt-ons for Sunrise, including US-based SwitchIt in March and UK business RGK Wheelchairs in April.

Sunrise will be the second mobility investment by Nordic Capital, having previously owned Sunrise-competitor Permobil, which it acquired in 2005 and divested in March 2013 for €655m.

Previous funding
For Equistone, the exit comes three years after it bought Sunrise in a 2012 SBO from Vestar Capital Partners.

Vestar Capital had acquired the company 12 years prior in a take-private deal.

Company
Sunrise Medical is a manufacturer, designer and distributor of manual and powered wheelchairs, seating systems and motorised scooters.

The company is headquartered in Malsch, Germany, and has offices and production facilities in the US, UK, Mexico, Spain and China. Its products are sold in 130 countries.

Sunrise Medical was founded in 1983 and employs around 2,000 people.

People
Equistone Europe managing director Dirk Schekerka led the GP's exit. Partner Fredrik Näslund worked on the acquisition for Nordic Capital. Thomas Rossnagel is the president and CEO of Sunrise Medical.

Advisers
Vendor – Macquarie (Corporate finance).

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• Topics
• DACH
• Healthcare
• Exits
• Buyouts
• Germany
• Secondary buyout
• Equistone Partners Europe
• Nordic Capital
• Unq2015July