The wheelchair manufacturer Sunrise Medical has found a new major investor.
The previous owner, the Swedish financial investor Nordic Capital, has concluded an agreement on the sale of Sunrise Medical to the US financial investor Platinum Equity, the company announced on Wednesday from its headquarters in the German city of Malsch.
A plan, announced around a week ago, to go public in the summer has now been cancelled. Financial details have not been disclosed.
The company says its growth strategy will be continued in co-operation with the new owner. This includes accelerated growth in all regions with a particular focus on core markets. Acquisitions have not been ruled out either. The existing management will remain on board.
Sunrise Medical says it is focussing on so-called complex rehabilitation. The products in this area are often tailored to the specific needs of customers, it said. Sunrise Medical estimated the volume for the entire rehabilitation sector at €5.2 billion ($5.7 billion) in 2023.