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POELLATH advises the management of WindStar Medical on sale to Oakley Capital

The ProSiebenSat.1 subsidiary, NuCom Group, in which General Atlantic is a minority investor with 28.4 percent, is selling all of its 92 percent of shares in WindStar Medical Holding (“WindStar Medical”) to Oakley Capital.

At the same time, the financial investor is also acquiring the remaining 8 percent of the minority shareholder. The company value of WindStar Medical underlying the transaction amounts to EUR 280 million at an expected 2020 turnover of approximately EUR 127 million and an adjusted EBITDA of EUR 21 million. This corresponds to an adjusted EBITDA multiple of 13.6x.

WindStar Medical is one of the leading providers of healthcare products in Germany. The company develops and distributes high quality medical devices and over-the-counter medicines for drugstores, supermarkets and pharmacies. The company’s portfolio includes many successful healthcare brands such as SOS, GreenDoc and BodyMedica. In addition, WindStar Medical advises companies on the selection of their product line of over-the-counter medical devices and carries many private label brands.

Since 2016, WindStar Medical has been owned by ProSiebenSat.1; in 2018, it was consolidated under the NuCom Group, in which ProSiebenSat.1 is a majority investor and General Atlantic is a minority investor. The company increased its turnover by approx. 80% from EUR 70 million in 2016 to approx. EUR 127 million in 2020 (forecast). Taking the acquisition of Zirkulin into account, the company value increased by 2.4x in this time period.

POELLATH advised WindStar Medical’s management on the sale with the following Munich team:

  • Dr. Benedikt Hohaus (partner, lead, M&A | private equity | management participation)
  • Silke Simmer, LL.M. (associate, M&A | private equity | management participation)
  • Johanna Scherk (associate, M&A | private equity | management participation)
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