Investment in Germany-based maker of wheelchairs and mobility solutions adds to momentum of Platinum’s European investment team
LOS ANGELES (June 5, 2024) – Platinum Equity announced today the signing of a definitive agreement to acquire Sunrise Medical, a world leader in advanced assistive mobility solutions, from Nordic Capital.
Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024, subject to customary regulatory approvals.
Sunrise Medical, a global market leader for assistive mobility solutions, is active in the development, design, manufacturing, and distribution of assistive mobility products and solutions such as manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, seating and positioning systems as well as daily living aids and other home medical equipment. Products are marketed under the Quickie, RGK, Magic, JAY, Zippie, Leckey, Breezy, Sterling and other proprietary brands and are sold through a network of homecare medical product dealers or distributors in over 130 countries.
Headquartered in Malsch, Germany with North American headquarters in Fresno, California, the company has manufacturing facilities in the United States, Mexico, Germany, United Kingdom, Spain, and China.
“Sunrise Medical is an innovative, global company that has been a pioneer in mobility solutions for more than 40 years,” said Platinum Equity Co-President Louis Samson. “We believe strongly in the company’s core mission and are committed to partnering with the management team to continue investing in development of advanced clinical solutions tailored to the individual needs of people who depend on them.”
Thomas Babacan, President and CEO of Sunrise Medical, will continue leading the company following the transition to new ownership.
“We are a purpose-driven company with the ability to positively impact people’s lives,” said Babacan. “As we continue to innovate and grow, we have the opportunity to be impactful on an even larger scale. Platinum has a lot of experience supporting complex, global businesses and the firm’s financial resources and operational expertise will be especially valuable to our mission. We are excited about the opportunities ahead.”
The acquisition is being led by Platinum Equity’s European investment team based in London.
“Sunrise Medical has established an impressive global network serving the mobility needs of people around the world,” said Platinum Equity Managing Director Igor Chacartegui. “We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company’s product line, provide new technological capabilities, or further extend the company’s geographic reach.”
JP Morgan is serving as financial advisor to Platinum Equity on the acquisition of Sunrise Medical. Willkie Farr & Gallagher LLP is providing legal counsel and Latham & Watkins LLP is providing regulatory counsel to Platinum Equity on the transaction.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.
About Sunrise Medical
Committed to improving people’s lives, Sunrise Medical is a global leader in the development, design, manufacturing, and distribution of innovative, high-quality assistive mobility devices and services. Distributed in more than 130 countries under its own 18 proprietary brands, the key products include manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, daily living aids and more. Operating in 23 countries, Sunrise Medical Group is headquartered in Malsch, Germany and employs over 2,800 associates worldwide. For further information, please visit: https://sunrisemedical-group.com/.
