Duke Street leads MBO for Medi-Globe Corporation

The deal's value has not been disclosed, but according to a source familiar with the situation, recent multiples paid in the sector would suggest an EV in the €130-150m bracket.

Duke Street led the buyout alongside other investors, including DB Private Equity – through its Secondary Opportunities Fund III and other funds – as well as Atnahs Capital, Brederode and Harwood Capital. Duke Street originated, negotiated and structured the transaction, unquote" understands.

A debt package has been provided by a major European bank.

The capital injected will allow the company to invest in its sale sector to expand internationally and in the launch of new products. The company claims the medical technology market is worth $400bn and marks a 5% growth rate per annum.

Company
Headquartered in Achenmühle and founded in 1990, Medi-Globe produces, develops and distributes medical devices focusing on minimally invasive surgery in gastroenterology and urology. The business distributes mainly to hospital suppliers in the German and French markets.

The group currently includes 12 companies located in Germany, France, the Czech Republic, Brazil, Croatia and the US. Medi-Globe generated a combined turnover of €120m, with a €16.6m EBITDA margin in 2015 and a staff of 604.

People
Duke Street – Charlie Troup (managing partner); James Almond (partner).
Medi-Globe – Dirk Steindorf (CEO).

Adviser
Equity – Macquarie (corporate finance); DLA (legal); White & Case (legal).
Vendor – McDermott Will & Emery (legal).

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