EQT acquires Atos from Nordic Capital

Although the value of the deal has not been disclosed, reports suggest it is in the region of €300m. This transaction marks the fourth exit for Nordic Capital in 2011 after selling its remaining shares in Falck in April, the €9.6bn sale of Nycomed in May followed by the flotation of FinnvedenBulten. News of a potential sale broke at the start of July when it was announced that final bids for the company were due. The auction process was run by Moelis & Company and according to Nordic Capital, only private equity firms remained in the final stages of the process. It is believed that Montagu was one of the bidders competing with EQT in the later stages.

EQT was attracted to the deal because of the company's market position and product range. The investor is looking to support the company's growth in current markets, as well as expanding internationally.

Equity for the transaction was provided by the EQT VI fund.

Debt
The transaction has been supported by senior facilities provided Danske Bank, DnB NOR and Nordea. Mezzanine financing was provided by MezzVest and Partners Group.

Previous funding
Nordic Capital acquired Atos in early 2005 from Fisher Scientific International Inc with equity from Nordic Capital Fund V. At the time, the business posted revenues of SEK 260m and employed 180 staff. The business, under Nordic's stewardship, has expanded aggressively through Europe. It entered the Iberian and Swiss markets and increased its presence in Germany through two add-on acquisitions in 2007. Further bolt-ons were made in 2008 (the Netherlands) and France last year. As a result of this growth, Atos now employs 290 people and posted revenues of €64m last year.

Since the acquisition, the company has had a continuous track record of double digit growth. Key drivers behind the exit included the fact that Nordic Capital had owned the business for approximately six years and that it is keen to produce exits due to potential fundraising in the near future.

A return on investment has not been disclosed, but reports suggest the sale has generated a 5x return for Nordic Capital.

Company
Atos Medical was founded in 1986 and is a medical technology company that develops, manufactures and markets products focused on the ear, nose and throat areas. The company sells its products through nine sales companies in the US and Europe as well as through distributors in 50 countries.

The company is headquartered in Hörby and employs approximately 300 people. In 2010 it generated revenues of €64m.

People
Toni Weitzberg, Christian Frick and Martin Erleman worked on the deal for Nordic Capital. Weitzberg and Frick also represented Nordic Capital on Atos Medical's board of directors.

Advisers
Equity - Vinge, Christina Kokko, Johan Göthberg, Maria-Pia Hope, Marcus Glader, Malin Helgesen, Peter Sundgren, Paul Dali, Anna-Sofia Nilsson Prevell, Albert Wållgren, Andreas Malmberg, Peter Alstergren (Legal).
Vendor - Moelis & Company (Corporate finance); White & Case, Lennart Pettersson, Martina Engström, Kristin Ahlinder, Åsa Egardt, Thérèse Hamsten, Mina Lindgren, Johan Elowsson (Legal).

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• Topics
• Nordics
• Healthcare
• Buyouts
• Exits
• EQT
• Nordic Capital
• DnB NOR
• Nordea
• Partners Group
• Sweden
• Secondary buyout