EQT in €830m Atos Medical exit to PAI

A source close to the deal told unquote" the deal's EV was €830m, somewhat below initial media reports of €1bn. EQT's exit follows a competitive process run by JP Morgan, which saw interest from multiple PE firms.

Proceeds of the sale will return to EQT VI, the 2011-vintage €4.75bn fund that acquired Atos for around €300m in 2011. PAI tapped its 2014-vintage €3.3bn PAI Europe VI vehicle for the purchase, marking the fund's 10th deal.

Previous funding
In July 2011, EQT acquired Atos in a secondary buyout from Nordic Capital, valued at around €300m. The deal was financed with a mezzanine package provided by Partners Group and PineBridge Investments.

Company
Founded in 1986, Atos is a medical devices business focusing on voice and pulmonary rehabilitation of patients who have had their voice boxes removed.

The Malmö-headquartered company had sales of SEK 1bn in 2015 and employs a staff of 450, having grown from around €600m of revenues and a staff of 300 when EQT acquired it in 2011, according to unquote" data.

People
EQT – Åsa Riisberg (partner).
PAI Partners – Ragnar Hellenius (partner).
Atos Medical – Claus Bjerre (CEO).

Advisers
Vendor – JP Morgan (corporate finance); Kirkland & Ellis (legal); Deloitte (financial due diligence).
Company – Accura (legal).
Equity - Royal Bank of Canada (corporate finance).

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