PAI exits Atos Medical in EUR 2.2bn trade sale

The deal is expected to expand the chronic care segments that Coloplast covers, the firm said in a statement. Atos Medical, which produces laryngotomy and tracheostomy care products, is to operate as a separate strategic business unit, using shared Coloplast infrastructure.

Danske Bank is underwriting debt financing to back the deal.

PAI acquired Atos from EQT in May 2016, investing via its EUR 3.3bn, 2014-vintage PAI Europe VI fund. EQT had acquired the business in a EUR 300m SBO from Nordic Capital in July 2011.

Previous exits from PAI Europe VI include holiday accommodation provider Roompot and hotel chain B&B Hotels, both of which the GP sold in 2020.

At the time of its acquisition by PAI, Atos was valued at SEK 7.7bn (EUR 773m). The company's current valuation implies a threefold enterprise value increase during the investment period.

PAI declined to comment on the returns made on the deal.

Under PAI's ownership, the company expanded its core laryngotomy business to the field of tracheostomy via selective add-ons, the GP said in a statement. Atos Medical acquired Germany-based tracheostomy care products producer Heimomed Heinze in 2017.

Company
Atos produces medical devices designed to restore speaking ability for people who have undergone a laryngotomy and are therefore living with a neck stoma. The company also produces devices for people who have undergone a tracheostomy. Its products include speaking valves, neck bands and laryngotomy heat moisture exchange devices (HME). Atos was founded in 1986 and is headquartered in Malmö.

According to its 2020 annual report, Atos posted revenues of SEK 1.761bn (EUR 177m) and adjusted EBITDA of SEK 711m (EUR 71m) in 2020, versus revenues of SEK 1.736bn (EUR 174m) and adjusted EBITDA of SEK 680m (EUR 68m) in 2019. Its laryngectomy care division generated 82% of its revenues in 2020, with its newer tracheostomy care division accounting for 13%. The company posted revenues of more than SEK 1bn (EUR 100m) at the time of its acquisition by PAI.

Around 50% of its laryngectomy revenues are generated via its direct to consumer channel, according to a statement.

The company has 1,150 employees in 30 countries, serving customers in around 90 countries.

People
PAI Partners – Ragnar Hellenius, Andreas Kumeth (partners).

Advisers
Vendor – Linklaters (legal).
Acquirer – Moelis & Company (corporate finance); Kromann Reumert (legal).

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• Trade sale
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