In its second deal in a week, IK Investment Partners is to acquire pendant medical systems manufacturer Ondal Holding from Swiss private equity firm Capvis.
HMi reported in September that it had been put up for sale.
Financial terms of the transaction have not been disclosed.
Founded in 1945, Ondal has become the global number one provider of medical pendant systems for operating rooms, intensive care units as well as diagnostic and imaging rooms.
Headquartered in Hünfeld, Ondal operates three strategically located manufacturing sites in Germany, the US and China, and employs more than 500 people.
“IK is the ideal partner as they have a profound understanding of medical technology end-markets and share our vision for growth. We would like to thank Capvis for its support during our partnership,” said Ondal chief executive Bernd Fabian.
Revenues for Ondal have remained fairly flat. In 2011/12, it had a turnover of around €73m (US$80.7m) while in 2016/17 they stood at €70.1m.
William Blair managed the deal for Capvis,
Ondal is IK VIII Fund’s fourth mid cap acquisition this year, and the 15th acquisition announced by the fund. Last week it acquired Sweden’s Mabtech, a specialist in immune monitoring.