H.I.G. Europe to acquire Meyra Group and Alu Rehab
HAMBURG – October , 2019 - H.I.G. Capital to acquire MEYRA Group and Alu Rehab to form leading mobility equipment manufacturer in Europe.
HAMBURG – October , 2019 – H.I.G. Capital ("H.I.G."), a leading global private equity investment firm with over EUR 30 billion of equity capital under management, is pleased to announce that an affiliate has signed definitive agreements to acquire controlling stakes in MEYRA Group S.A. and Alu Rehab A/S. With the support of H.I.G. both companies will form a new leading mobility equipment manufacturer in Europe. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated by end of 2019.
MEYRA Group S.A. (“Meyra”) designs, manufactures and sells active and e-powered wheelchairs, rehabilitation equipment and orthopedics. The company is among the market leaders within the segment of premium wheelchairs for active users, which have been sold worldwide under the iconic MEYRA brand since 1936. With manufacturing, assembly and distribution sites in Germany and Poland as well as medical supply stores in Poland, MEYRA has approximately 600 employees and is expected to generate more than EUR 80 million in sales in 2019.
Alu Rehab A/S (“Alu Rehab”) is a comfort wheelchair specialist, which was established in 1989 and sells its products under the well-known and reputable “Netti” brand. The company’s multifunctional comfort wheelchairs, specialized seating systems and equipment are designed to support customers in their daily lives by tailoring solutions to individual needs. Alu Rehab has manufacturing, assembly and distribution facilities in Norway, Denmark and China, operates with approximately 120 employees and is expected to generate approximately NOK170 million in sales in 2019.
Together, both companies will form a new leading mobility equipment manufacturer in Europe and are building on an already existing sales cooperation. MEYRA and Alu Rehab products complement each other perfectly. At the same time, combining both businesses is highly synergetic alongside the whole value-chain from manufacturing, logistics, assembly to sales and services. The current management teams of both companies will continue to run the group going forward. The combined group will generate over 40 % of its sales in the attractive German-speaking healthcare market and additionally focus on today’s core markets Poland, Norway, France, Hungary and the Czech Republic. Going forward, the new group will further grow in currently underrepresented European countries and selected markets outside Europe, organically and through focused acquisitions..
Michał Perner, President of the Management Board and founding shareholder of MEYRA, commented: “MEYRA is a very strong brand that has continuously expanded its market position due to superior quality of products and reliable services. We are delighted to now have found a new partner in H.I.G., who will perfectly support us to tap the substantial additional potential of the company and the market we are operating in.”
Kjetil Gausel, CEO and shareholder of Alu Rehab, commented: “For Alu Rehab, the alliance with MEYRA will open attractive opportunities as we significantly expand our product portfolio and the geographic reach. We are convinced that Alu Rehab’s unique Netti seating system in combination with MEYRA’s high-quality active and e-powered wheelchair bases will foster substantial additional demand for the group.”
Holger Kleingarn, Managing Director at H.I.G., commented: “The combination of MEYRA and Alu Rehab represents a strong strategic and cultural fit in the light of product portfolios, geographic reach, management and employees. The group’s customers will clearly benefit by the synergetic set-up. We look forward to the partnership with Michał, Kjetil and their teams and to supporting them in the group’s further international expansion, both organically and by acquisition.”
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over € billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com