Previously owned by its Directors and Gresham PE, Minivator Group has had 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 have 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 Fund1, 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 distribute 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 the 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
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1Herkules Private Equity Fund I is an investment fund with Euro 250 million in committed capital from 25 Norwegian and international investors. Herkules Capital has in total 1.5 bill Euro committed capital in the three Herkules Private Equity Funds. 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.