Stage Capital, which is backed by Goldman Sachs Asset Management and Glendower Capital, has agreed to sell STI Group to Mérieux Développement and GIMV. No financial terms were disclosed. STI Group is a maker of medical devices for the healthcare industry.
Stage Capital (“Stage”), the private equity and real estate investor backed by funds managed by Goldman Sachs Asset Management and Glendower Capital (previously Deutsche Bank Private Equity), is pleased to announce the signing of the sale of STI Group to a consortium of private equity firms Mérieux Développement and GIMV.
STI Group is a fast-growing developer and manufacturer of plastic medical devices for the healthcare industry. Stage has sold its 92.5% stake in the business, having transformed a diversified moulding company acquired in 2013 into a pure-play medical devices business that is very well positioned to become a key player in the connected devices market.
This transformation, together with a 12% annual growth in sales under Stage’s ownership, has resulted in Stage achieving an exit which returns over 6 times the original equity invested in the business five years ago.
Graham Thomas, CEO of Stage, commented:
“We are very pleased with this latest exit, which again demonstrates that we are well placed to deliver leading market returns for our investors. We are focused on developing our business in those areas and geographies where we have proven expertise, track record and are highly differentiated from the pack.”
Laurent Allégot, Partner of Stage and Chairman of STI Group’s Supervisory Board, commented:
“This transaction illustrates our know-how in leading the transformation of mid-sized companies and working closely with management teams to realise strong growth and value creation potential. We would like to congratulate the managers of STI Group for the tremendous job they have achieved.”