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| Atos Medical's Provox FreeHands FlexiVoice device--Courtesy of Atos Medical |
Back in March, Swedish private equity firm EQT Holdings said that it was putting voice box maker Atos Medical up for sale. Now, the company has agreed to hand off the business to private equity firm PAI Europe for about €850 million ($946 million), Reuters reports.
Both sides have agreed not to reveal the transaction value. But PAI Europe won the bid for Atos Medical, EQT said in a statement. If all goes according to plan, the deal will close in August 2016.
Malmö, Sweden-based Atos makes devices to treat ear, nose and throat conditions. The company specializes in products for individuals who have had a total laryngectomy, a procedure that surgically removes their voice boxes. Atos' Provox voice prosthesis helps patients regain speech.
PAI Medical will inherit a profitable business. Atos' sales jumped 30% to 1 billion Swedish crowns ($120 million) last year. Earnings before interest, tax, depreciation and amortization (EBITDA) are expected to ring in at €60 million ($66 million) in 2016, compared to €40 million ($44 million) in 2015.
Atos charted growth after EQT bought the company in 2011 from private equity firm Nordic Capital. The devicemaker expanded internationally and now does business in Japan, Latin America and Europe.
"With its industrial approach and global network, EQT has supported us in implementing a focused, expansive value creation strategy and in building a solid foundation for the company's further growth. We look forward to future success together with PAI, and to the continued development of the company," Atos Medical CEO Claus Bjerre said in a statement.
- here's the Reuters story
- read the statement
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