London and Frankfurt, 15 March, 2024 – KKR, a leading global investment firm, announces today that a consortium of investors, co-led by KKR, has agreed to provide a €1.1 billion financing solution to support the future growth of Ottobock (the “Company”), a global market leader in prosthetics. The financing will also support existing majority shareholder Professor Hans Georg Näder and the Näder Family’s buy back of EQT’s shareholding in the business.
Headquartered in Duderstadt, Germany, with origins dating back more than 100 years, Ottobock is widely recognised for its innovative and market leading solutions in the fields of prosthetics and orthotics, dedicated to helping customers globally maintain or regain their freedom of movement. Ottobock, which has remained family-owned since inception in 1919, has more than 400 of its own patient care centres worldwide, providing a diverse range of high tech and customizable devices designed to help amputees’ mobility.
The Company has sat at the forefront of industry innovation, evidenced by the introduction of the first micro-processor enabled knee as early as 1997. It has maintained its global market leadership position through a continuous focus on innovation and R&D, delivering cutting edge products across EMEA, APAC, the Americas and Africa. The Company currently employs more than 9,000 employees worldwide.
Professor Hans Georg Näder, owner and Chairman of the Board of Directors of Ottobock, said: “To continue our successful strategy as a purely family-owned company, we needed to find the right strategic and solutions-orientated partner. KKR has a long history of helping German family businesses achieve their growth ambitions, as well as the agility and creativity to provide customised capital solutions. This strategic partnership will enable us to continue building on our strong market position under the leadership of our CEO Oliver Jakobi and his management team.”
Christian Ollig, Partner and Head of the DACH Region at KKR, added: “We have followed Ottobock for many years and are delighted to support the Näder family’s and management’s strategy for Ottobock in the future. KKR’s financing support of Ottobock follows KKR’s decade-long tradition to support families in the DACH region to realise their growth and innovation ambitions.”
KKR is making the investment in Ottobock primarily through its credit funds and accounts.
KKR’s diversified and multi-asset investment platform enables flexibility to support ambitious companies with a suite of comprehensive, bespoke capital solutions, further enhanced by the firm’s global experience and operational capabilities. In Germany, this model along with KKR’s partnership approach, strong local presence and large global platform, enables companies to grow and globalise.
Closing of the investment remains subject to the satisfaction of customary conditions.
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About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
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