Nordic Capital Fund VII acquires Handicare
Jun 02, 2010
Nordic Capital Fund VII has acquired the healthcare
company Handicare from the Herkules Private Equity Fund. - Nordic
Capital has a strong funding base, industrial expertise and
international experience, all of which are important to ensuring
the further growth of Handicare, says Per Gunnar Borhaug, CEO of
Handicare.
Handicare, which provides technical aids for the elderly and
disabled, has grown substantially over recent years, increasing its
turnover from 650 million NOK in 2005 to 2.5 billion NOK in 2009.
During that same period Handicare acquired 12 other companies and
has become the European market leader within its industry.
"Our partnership with Herkules has been very good throughout and
characterised by expansion and growth. With Nordic Capital Fund VII
as our new owner, Handicare's foundation for further growth and
expansion will be strengthened", says Per Gunnar Borhaug, CEO of
Handicare.
Herkules Private Equity Fund, a Norwegian investment fund,
became Handicare's major shareholder in 2005. Nordic Capital Fund
VII will now, together with management, own 100% of the shares in
HC Holding AS - the holding company of Handicare.
"We are impressed by what the management team at Handicare has
achieved in co-operation with Herkules Capital over the last five
years", says Fredrik Näslund, partner at Nordic Capital. "We see
great potential for further growth and are looking forward to
working closely with the management team to further strengthen
Handicare's position in a growing market."
"It has been exciting for us to contribute to the development of
Handicare, now a leading European player, and the investment has
resulted in good returns on equity during our partnership", says
Morten Blix, partner at Herkules Capital. "Handicare's continued
strategy of further growth requires additional funding, and this is
the right time for us to exit the company. We are convinced that
Nordic Capital will prove an excellent owner and partner for
Handicare."
For more information, please contact:
Per Gunnar Borhaug, CEO, Handicare +47 69 24 45 14
Morten Blix, Partner, Herkules Capital, +47 92 80 18 24
Fredrik Näslund, Partner, Nordic Capital +46 70 653 60 80
Handicare AS was founded in 1986 and supplies
technical aids for the elderly and physically disabled. Its
products include wheelchairs and homecare products (such as
stairlifts), patient handling and bathroom safety products, and
personal transfer and automobile adaptation solutions. Through its
subsidiary Puls, the Group is also a market leader in the sale of
capital goods and consumables to hospitals and institutions in
Norway. Handicare has its headquarters in Moss, Norway, and has
subsidiaries in Sweden, Denmark, Germany, the Netherlands, England,
Belgium, Poland, the USA, Canada and China, and distributes its own
products to an additional 30 markets. Handicare has 1400 employees.
The company's pro forma turnover was 2.5 billion NOK in 2009 with
an EBITDA of approx 300 million NOK.
About Nordic Capital Private Equity Funds
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in
Northern Europe. Through committed ownership and by targeting
strategic development and operational improvements, Nordic Capital
creates value in its investments. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. They are based in Jersey, Channel Islands, and are
advised by the NC Advisory companies in Sweden, Denmark, Finland,
Norway, Germany and the UK. Additional information about Nordic
Capital is available through its corporate website, www.nordiccapital.com.
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