A majority of the shareholders of Medi-Globe Corporation have sold their shares to a consortium led by the English private equity fund Duke Street.
The transaction was executed through a merger under the laws of the U.S. state of Delaware. The consortium of buyers includes two Deutsche Bank funds, Atnahs Capital, Brederode, and Harwood Capital.
The holding company of the Medi-Globe Group in Tempe, Arizona, generated sales of around EUR 120 million in 2015, with an estimated EBITDA of approximately EUR 16.6 million. The purchase price has not been disclosed. At the time of the transaction, the company was valued at an enterprise value of around EUR 140 to 150 million.
This acquisition marks Duke Street's first transaction in Germany. Based in London, Duke Street is a private equity investor focused on the mid-cap sector, particularly on complex takeovers of companies experiencing strong growth phases.
The Medi-Globe Group, with its branch in Achenmühle, produces and supplies disposable components for flexible endoscopy, products for urology and cardiology, and other medical accessories for clinical use.
The main markets for Medi-Globe are Germany and France, with significant potential for growth in the rest of Europe, China, Japan, and Brazil.
The American parent company of Medi-Globe has around 90 minority shareholders, who are expected to approve the transaction as part of the merger completion process.