Vestar Capital Partners has completed the sale of Sunrise Medical Inc. to Equistone Partners Europe. Terms of the deal – announced in early November – were not disclosed. Sunrise Medical is a manufacturer and distributor of high-end custom manual and power wheelchairs.
Vestar Capital Partners (“Vestar”) announced the completion of the sale of Sunrise Medical Inc. (“Sunrise Medical”) to funds advised by Equistone Partners Europe.
Sunrise Medical is the leading global manufacturer, marketer and distributor of high-end custom manual and power wheelchairs and technologically advanced and proprietary seating systems. Terms of the transaction, which was previously announced on November 6, 2012, were not disclosed.
“Our teamwork with Sunrise Medical management produced successful spin-offs, turned the company around and brought us to this highly satisfactory outcome for Vestar and its investors,” said Dan O’Connell, CEO of Vestar.
“This successful Sunrise Medical transaction is the latest is a series of activities focused on creating portfolio value and delivering on a program of realizations for our limited partners,” Mr. O’Connell said. “In just the last year, we have returned approximately $900 million from six investments to our investors. Since 2009, we have returned approximately $2.3 billion from 13 investments.”
Sunrise Medical and Vestar received financial advice from Rothschild. Simpson Thacher & Bartlett LLP provided legal counsel and Deloitte Tax LLP provided tax advice. Equistone received financial advice from Hauck & Aufhäuser. P+P Pöllath + Partners and Thompson Hine LLP provided legal advice. Ashurst advised on credit documentation and KPMG provided tax advice.
About Vestar Capital Partners
Vestar Capital Partners is a leading private equity firm specializing in management buyouts and growth capital investments. Vestar’s active funds aggregate approximately $8 billion in commitments. The firm targets companies in North America with valuations of $150 million to $1.5 billion in four key industry sectors: Consumer, Diversified Industries, Healthcare, and Financial Services. Vestar invests and collaborates with incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way to build long-term enterprise value. Since the firm’s founding in 1988, the Vestar funds have completed 69 investments in companies with a total value of more than $30 billion.