London-based PE firm Duke Street has agreed to sell German medical tech business Medi-Globe Technologies to FTSE 100 listed DCC for £213m.
Germany-headquartered Medi-Globe manufactures and distributes medical devices in 120+ countries. It focuses on single-use accessories for use in critical surgical and diagnostic procedures in the fields of gastroenterology and urology in particular.
It generates approximately €120m in revenues last year.
The company has manufacturing facilities in the Czech Republic and sales and marketing operations in Germany, France, Austria, Netherlands, China, Czech Republic and Brazil.
Duke Street invested in the business in 2016.
Charlie Troup, managing partner at Duke Street, said, “We are very pleased to announce the sale of Medi-Globe. Under our ownership, management has delivered a significant transformation across the business, involving investment across R&D, sales and marketing, and manufacturing.
“The positive development in business quality and growth has been recognised by DCC who see Medi-Globe as a key element of their strategic drive into healthcare.”
“Our investment in Medi-Globe represents a classic Duke Street deal: an attractive entry multiple we delivered by seeing through a complex process; working with exceptional management to invest in growing the business swiftly and successfully during our period of ownership; and adding international expansion and securing an exit to trade, taking Duke Street’s recent record to twelve trade sales out of our last fifteen exits.”
Duke Street has deployed around €700m in the healthcare sector since 1997. It acquired Kent Pharmaceuticals and Athlone Laboratories in 2019.
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