Nordic Capital Weighs $2 Billion Sale of Sunrise Medical

Nordic Capital is considering a sale of Sunrise Medical that could value the German wheelchair maker at as much as $2 billion, people familiar with the matter said.

(Bloomberg) — Nordic Capital is considering a sale of Sunrise Medical that could value the German wheelchair maker at as much as $2 billion, people familiar with the matter said.

The Swedish investment firm is speaking with advisers about kicking off a formal process for Sunrise, which is likely to attract private equity groups and other financial investors, the people said.

Deliberations are ongoing and there’s no certainty they’ll result in a sale, according to the people, who asked not to be identified discussing confidential information.

Separately, Nordic Capital’s attempt to sell its portfolio company European Dental Group has stalled over price, the people said. Binding offers were submitted in December and a deal was likely to value the dental chain at about $2 billion, the people said.

A representative for Nordic Capital declined to comment, while spokespeople for Sunrise Medical and European Dental Group didn’t immediately respond to requests for comment.

Private equity dealmaking has dropped off in recent months, as firms struggle to get the cheap credit they need to finance buyouts. Health care is among few sectors where deal activity has been resilient against the challenging economic backdrop.

Thermo Fisher Scientific Inc. agreed to acquire British specialty diagnostics firm Binding Site late last year, while Siemens Healthineers AG and General Electric Co.’s health-care arm are among parties studying a potential acquisition of two businesses being spun off by medical device maker Medtronic Plc.

Headquartered in Malsch, Germany, Sunrise Medical specializes in designing and making manual and powered wheelchairs and mobility scooters and aids. Its products are distributed in more than 130 countries, according to its website. Nordic Capital bought the company from buyout firm Equistone Partners in 2015.

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