IK Investment Partners (“IK”, formerly known as Industri Kapital) announces today that it intends to sell Welzorg Group BV (“Welzorg” or “the Company”), a leading distributor of mobility aids for elderly and disabled people in the Netherlands, Denmark, and Sweden, to the Louwman Group. Financials for the transaction were not disclosed.
Welzorg, headquartered in the Netherlands, is a leading distributor of mobility aids for elderly and disabled people. Welzorg's business consists primarily of the sale, long-term rental and maintenance of manual and powered wheelchairs and scooters. The Company delivers these mobility aids directly to the end-users and provides the necessary after-sales service. Welzorg's main customers are municipalities and health care institutions. It has a staff of approximately 1000 employees, and in 2010, the Company estimates its consolidated sales will be €186 million.
The Company was acquired in December 2002 from UBS Capital. Under IK ownership the purely Dutch business expanded internationally into Denmark and Sweden. Expanding the customer range in the Netherlands, improving existing operations, as well as developing new product market combinations in existing markets has also been part of IK and the management’s value creation initiatives.
Kristiaan Nieuwenburg, Partner at IK, commented: “Welzorg has been a profitable investment for IK. We have helped Welzorg to develop internationally and to implement structural operational improvements. By internationalising the sales have increased significantly. We would like to thank Welzorg’s management and employees for their hard work and we wish them all the best under the ownership of the Louwman Group”
This is IK’s second exit this year following the divestment Cerba European Lab in June.
The transaction is subject to customary anti-trust approval.
IK Investment Partners
Kristiaan Nieuwenburg, Partner at IK
Tel: +44 20 7304 4300
Jonas Rodny, Communication Manager
Tel: +46 8 678 95 26
About IK Investment Partners
IK Investment Partners (formerly known as Industri Kapital) (“IK”) is a European private equity firm, having raised a total of EUR 5.7 billion, including EUR 1.7 billion in the latest fund IK2007. Since 1989, IK has acquired 72 Euro¬pean companies. The current portfolio encompasses 21 companies with a total turnover close to EUR 7.5 billion. IK invests mainly in mid-sized companies with strong cash flow and profit improvement potential, operating in mature industries with fundamental underlying growth. For more information visit our website: www.ikinvest.com