Following Nordic Capital’s June acquisition of Sunrise Medical, Sunrise has purchased Handicare’s Netherlands-headquartered mobility division.
The Handicare product lines bundled into the acquisition were limited to mobility products, such as wheelchairs, scooters and rollators. All remaining Handicare product lines, such as home access offerings, patient handling, auto access adaptations, etc., were not part of the transaction.
In addition to new products, the buy-out of Handicare’s Mobility business brings divisions in Norway, Sweden, Denmark, Holland, Belgium, Germany, France and Canada, to Sunrise, will expand the company’s geographic reach. Sunrise estimated in a company statement that its annual sales, post-transaction will exceed $410 million (400 euros) and will make it the one of the largest or largest “premium” mobility companies in the world.
“Sunrise Medical has seen very strong growth over the past five years, organically and by way of strategically important and successful acquisitions,” Sunrise President and CEO Thomas Rossnagel said in a public statement. “To now acquire Handicare’s mobility business makes perfect commercial sense. This business is highly complementary to Sunrise Medical’s, geographically as well as from a product perspective.”
“Sunrise Medical is the perfect home for continued successful development of our mobility business,” Handicare Chairman and acting CEO Johan Ek added. “Handicare Group will now have the opportunity to further focus on investing and growing our remaining business segments,”
Sunrise reported that it plans to integrate Handicare’s mobility business during the next 12 to 18 months. To facilitate a smooth transition, a brand license agreement has been signed that lets Sunrise use the Handicare brand and logos for its mobility product lines for an limited period of time. All other product-related brands, name rights and all intellectual property rights relating to Handicare mobility’s products will transfer to Sunrise upon closing of the deal closes, which is slated to happen by September.
Neither Sunrise nor Handicare disclosed the purchase price of the transaction.