Otto Bock HealthCare GmbH and EQT, a Swedish private equity firm, have confirmed the go-ahead of a long-term business partnership.
Contingent regulatory requirements with the closing have been fulfilled. In the partnership, EQT will hold a 20% share in Otto Bock Health Care GmbH, according to a press release. Otto Bock Holding GmbH & Co. KG, which is 100% owned by the Näder family, will retain an 80% share of the company, according to a press release.
“Cooperation with our partner EQT is already proceeding at full pace — and we’re working together smoothly as equal partners, just as planned,” Hans Georg Näder, president of Otto Bock Holding GmbH & Co. KG, said in the release. “… Our strategy is to now pursue sustainable, profitable growth at an even faster rate. The partnership with EQT is a forward-looking step that will enable us to achieve this goal even quicker thanks to the expertise and financial leeway we have gained.”
The investment agreement was signed on June 24, with closing expected to take place in the second half of the year. Otto Bock Health Care GmbH has concluded a new financing arrangement as part of the closing, according to the release.
“We have established a promising partnership and are contributing our wide-ranging expertise in the field of medical technology and in potential areas for value enhancement as a strategic partner,” Marcus Brennecke, who is responsible for EQT’s DACH region in Germany, Austria and Switzerland, said in the release. “We are working together to ensure that Ottobock achieves even more dynamic growth and becomes even more efficient in its position as the world market leader in the field of technical orthopedics.”