Earlybird and Pinova sell Hemoteq

The two investors, which together held a 75% stake in Hemoteq, sold all their shares to Freudenberg Medical, which is a business unit of medical and pharma components producer Freudenberg Group. Founders Michael Hoffmann and Roland Horres will continue to hold a 25% stake in the business.

For Earlybird, the trade sale comes 17 years after its first investment in the company. Hemoteq was a spinout from RWTH Aachen, which the VC backed from the very start. The sale generated an IRR of more than 20% and a multiple of eight. 

Thom Rasche, partner at Earlybird, states that the exeptionally long holiding period is due to the fact that Hemoteq became profitable early on and paid out good dividends. The investors in Earlybird's fund therefore supported the long holding period, allowing the VC to wait for a satisfying buyout offer. 

Earlybird is currently raising a fund with a focus on health technology and hopes to have the first closing later this year. 

Previous funding
Earlybird first invested in Hemoteq in 1998 through an early-stage investment. In May 2010, Pinova bought a 43% stake through a secondary buyout from Triginta Capital, which had held its stake through High Tech Beteiligungen since 2002.

Company
Founded in 1999 and based in Würselen, Hemoteq is a provider of coating technology and related services for medical devices. The company notably manufactures drug-eluting stents and drug-coated balloons.

People
Michael Hoffmann is the CEO of Hemoteq. Thom Rasche is partner at Earlybird. Marko Maschek is a partner at Pinova.

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• Topics
• DACH
• Healthcare
• Exits
• Trade sale
• Earlybird
• Pinova Capital