French private equity house PAI Partners has agreed a €2.2bn deal to exit Atos Medical to Danish medical devices manufacturer Coloplast.
Founded in 1986, Atos focuses on support patients with neck stoma. It aims to provide personalized care and procedures to restore speaking ability for patients after removing the voice box with medical surgeries. The company has a track-record of high single-digit organic growth, solid EBITDA margins and high cash conversion, the firm said.
PAI said Atos has ventured into new geographies and adjacent segments in tracheostomy during the five years investment period.
Andreas Kumeth, partner at PAI Partners, said, “It has been very rewarding to be able to support Atos Medical’s growth in the last few years with the Company more than doubling in size and transforming into a true direct-to-consumer medtech company. We are also proud to have played a role in helping Atos Medical establish further specialities and become a more diversified ENT specialist.”
PAI Partners surged past both its target and hard cap for its debut mid-market fund to reach almost €1bn at final close in March. The firm said its first foray into mid-market fundraising would invest alongside its larger-cap flagship fund PAI Europe VII, which it closed on €5.1bn three years ago.
Other recent deal activity from PAI includes the €1.6bn buyout of technical facility management services company Apleona from fellow private equity major EQT.
PAI stormed past the €4bn target for its seventh flagship fund in 2018, reaching a €5bn final close after less than three months of active marketing.
That vehicle was significantly larger than its 2014 €3.3bn predecessor and nearly double the size of PAI Europe V, which held a final close on €2.7bn in 2008.
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