DENMARK - IK porfolio firm buys Zealand Care

Guy
22 February 2006

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Industri Kapital-owned mobility aids provider Welzorg has signed an agreement to acquire Danish market leader Zealand Care A/S from Sahva A/S, a Danish group active in orthopedics. This is Welzorg’s first major step in its internationalization and the group hopes to use Zealand Care to facilitate its expansion in the other Nordic countries

'Zealand Care represents a very good strategic fit for us', says Leslie de Ruiter, CEO of Welzorg. 'Both companies are dedicated to mobility aids provision and are independent of manufacturers. This means we can coordinate purchasing and achieve synergies' De Ruiter continues. Zealand Care will join the WZG Group, which owns Welzorg, market leader in the Netherlands in the provision (distribution, service, maintenance and rental) of mobility aids, mainly to the Dutch public sector. WZG also owns RZD, a similar, smaller German business based in Dusseldorf. The new, combined group had pro forma revenues of approximately EUR 190m in 2005.

'Together with Welzorg we will be an even stronger partner for Danish municipalities' says Bjarne Henneman, managing director of Zealand Care A/S. 'The acquisition of Zealand is an important step in our strategy of growing Welzorg internationally,' says Gustav Öhman, partner at Industri Kapital and member of the WZG board. The agreement is subject to financing and completion is expected at the end of March.