Freelift has a strong position in the European market of stair lifts 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 EUR 38 million. The Managing Director, Jeroen Meier, will continue his position in the company.
The health company Handicare AS 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.
Handicare is owned by Ferd Private Equity Fund (“FPEF I”), an investment fund with NOK 2.0 billion in capital from 25 Norwegian and international investors. FPEF I 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 I acquired Handicare in July 2005 and is aiming for further growth. Other portfolio companies owned by FPEF I are Pronova BioPharma, Noratel, European Beds and D&F Group.
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.
Contact:
CEO, Handicare AS: Per Gunnar Borhaug
Phone: +4769 24 44 28, mobile: +47 90 73 94 41
www.handicare.no
Managing director, Freelift B.V.: Jeroen Meier
Phone: +31 72 576 88 88
www.freelift.com