Handicare takes the next step to success!
2 February 2010 - Midlands based Stairlift manufacturer Minivator has signed a deal to become the latest member of the family of companies in the Norwegian based Handicare, subject to regulatory approval.
Previously owned by its Directors and Gresham PE, Minivator Group has an exceptional growth record, indeed it continued to experience double digit growth throughout the testing economic climate of recent years. With a core product range of stairlifts Minivator has expanded its presence establishing operations in North America and Germany and has recently started its own manufacturing base in the Far East. It has seen expansion within the UK having taken on new premises at least four times in the last three years.
As one of the world’s leading manufacturers of stairlifts with a turnover of approx. 55 million Euro, and 420 employees selling to over 35 countries the Minivator Group was a desirable prospect for many companies. The board were in no rush to sell, choosing instead to spend time finding the perfect partner to move forward with. They found such a match with the Handicare Group. Minivator CEO Mike Lord commented “We were looking for a buyer who not only made sound business sense but who was also a great fit with the culture and values that Minivator holds at its core. We are delighted with the deal and are looking forward to seeing what the future holds. We believe exciting times are ahead and being part of a larger and well established group that holds similar ethical beliefs will open up many opportunities that will be mutually beneficial and rewarding.”
The healthcare company Handicare AS, owned by Herkules Private Equity Fund[1], was founded in 1986 and has operations in technical aids like wheelchairs and home care products in addition to adaptation of cars for elderly and physically disabled people. Through its subsidiary Puls, the Group also has a leading position in Norway in the sales of capital goods and consumables to hospitals and institutions. Handicare has its headquarters in Moss, Norway, and has subsidiaries in Sweden, Denmark, Germany, the Netherlands, England, Belgium, Poland, USA and Canada, and distributes its own products to an additional 30 markets. Handicare has just shy of 1000 employees and reached sales over 250 million Euro in 2009.
Handicare CEO Per Gunnar Borhaug explained “Handicare has grown both organically and through the acquisition of successful companies that had the same drive as Handicare: the desire to provide excellent products and services that help improve the quality of life for the less able, the elderly and those who care for them. Having identified Minivator Group as a financially promising acquisition target we were delighted to find that they had the kind of culture that would fit right in with Handicare’s other companies.”
For further information concerning this press release please contact:
Per Gunnar Borhaug, CEO Handicare, +47 69 24 44 28
Mike Lord, CEO Minivator, +44 (0) 1384 40 87 00
Jeroen Meier, CEO Freelift, +31 (0) 72 576 88 88
[1] Herkules Private Equity Fund is an investment fund with Euro 250 million in capital from 25 Norwegian and international investors. Herkules Capital has in total 1,4 bill Euro under its administration. HPEF has a financial strength which enables them to take a dominant position of ownership in well-established companies with a potential for further growth. Herkules acquired Handicare in July 2005 and has during the latest three years tripled the size of Handicare and is aiming for further growth.
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Heerhugowaard, 21-12-2007
Handicare AS acquires Liftenfabriek Brinkman Jan Hamer B.V, known as the brand Freelift, a stair lift producer in the Netherlands. This acquisition will bring the total operating revenue in Handicare to 220 million EURO.
Freelift has a strong position in the European market of stairlifts for elderly and physically disabled people. The company is located in the Netherlands and has sales subsidiaries in the UK, Germany and France, in addition to export sales to 30 other countries.
Freelift has a 120 year old history, and was one of the first European producers of stair lifts. The company has 200 employees and operating revenue of 38 million EURO. The Managing Director, Jeroen Meier, will continue his position in the company.
The health company Handicare AS, owned by Ferd Private Equity Fund[1], was founded in 1986 and has operations in technical aids like wheelchairs and home care products in addition to adaptation of cars for elderly and physically disabled people. Through its subsidiary Puls, the Group also has a leading position in Norway in the sales of capital goods and consumables to hospitals and institutions. Handicare has its headquarters in Moss, Norway, and has subsidiaries in Sweden, Denmark, Germany, the Netherlands, England, Belgium and Canada, and distribute its own products to an additional 20 markets.
The acquisition of Freelift is part of Handicare's growth ambitions. "We will grow both organically and through acquisitions and we have a strong development internationally", says CEO, Per Gunnar Borhaug in Handicare. "With the number of elderly people increasing, combined with the wish for many elderly to stay at home as long as possible, we are now able to offer stair lifts in addition to other products for home care and institutions. Freelift is a company which strengthens our product assortment and our position in several geographical markets", says Borhaug.
"We in Freelift are very positive to become part of the Handicare Group, says the managing director, Jeroen Meier in Freelift. Together with Handicare we can continue to develop even further and we can exploit synergies in some markets", he says. "Freelift has a very positive development both in operating revenue and results through the last years, and I expect this to grow even further with Handicare as the new owner", says Meier.
Freelift was owned by Greenfield Capital Partners and Vehold. Greenfield Capital Partners is an independent Netherlands-based private equity firm.
For more information please contact Freelift:
Tel: 0031 72 576 88 88
[1] Ferd Private Equity Fund (FPEF) is an investment fund with NOK 2.0 billion in capital from 25 Norwegian and international investors. FPEF has a financial strength which enables them to take a dominant position of ownership in well-established companies with a potential for further growth. FPEF acquired Handicare in July 2005 and is aiming for further growth.