EQT VII Fund, a fund of the Swedish buyout firm EQT, Stockholm, has acquired a 20 percent stake in Otto Bock HealthCare (aka Ottobock), Duderstadt, Germany. Ottobock operates subsidiaries in more than 50 countries with more than 7,000 employees worldwide. In 2016, the company generated more than € 880 million (about US $984 million) in sales and EQT valued the company at € 3.15 billion (about US $3.52 billion). EQT said it will support majority owner Hans Georg Näder and Ottobock’s management team on continued growth and will focus on innovation.
“I am very pleased to take EQT on board as a partner who shares the values of a family-backed company…. EQT also has a track record of sustainable value creation and growth,” said Näder, president, CEO, and grandson of the company founder. “I am convinced that EQT’s experience in developing companies will allow us to continue Ottobock’s success story well beyond the company’s 100th birthday.”
“We are impressed by Ottobock’s long heritage of innovation and its ability to define the landscape of mobility solutions in the area of wearable home rehabilitation regarding the growing market of human bionics. Based on EQT’s deep healthcare expertise, and as one of the most active investors in the sector, we will be a strategic partner to Professor Näder, the management, and the company. We look forward to working together and contributing to the continued success of Ottobock,” said Marcus Brennecke, partner at EQT Partners and investment advisor to EQT VII.
The transaction is subject to approval by the relevant competition authorities and is expected to close in the second half of 2017.