Stockholm, December 2, 2011.
Etac acquires R82
Etac and Maj Invest, Flemming Møller and Torben Helbo have signed an agreement in which Etac acquires 100 percent of the shares in R82. Etac manufactures and sells aids that help people with their daily living routines regardless of their physical circumstances. Products include wheelchairs, hygiene products, patient lifts and power wheelchairs. Etac is headquartered in Stockholm, Sweden and has subsidiaries in Norway, Denmark, Sweden, Germany, the United Kingdom and Holland. In 2010 Etac’s turnover was about SEK 1 billion (DKK 850 million). “Etac has a long tradition of creating high quality aid products for adults”, says Peter Hentschel, Etac’s Chief Executive Officer. “The combination of Etac and R82 creates a strong player within the international market for aids for adults and children with special needs. Through this acquisition we look to benefit from R82’s excellent product portfolio, strong international presence, as well as the valuable skills and experience of its employees.” “Etac is the ideal buyer of R82. With Etac as the new owner we have found the right industrial home where R82 has the best conditions for future development and growth” says Jan Hove Sörensen, Partner, Maj Invest. And Flemming Møller, one of the founders and shareholders of R82 continues by saying that “handing over the keys to Etac is a natural and logical extension of the partnership we have had with Etac for more than two decades”. The companies know each other well as Etac has been R82’s sole distributor in Scandinavia since 2002.
”Etac and R82 are a fit in terms of brands as both are known for making high quality products that have a positive impact on users’ lives”, says Torben Helbo, R82’s Chief Executive Officer. “We are looking forward to joining forces with Etac, working together to deliver a broader range of products to our customers and opening up even more opportunities for international expansion”. The plan for the foreseeable future is to keep R82 as a separate brand and as a separate business unit with the present management, however a task force will be established with the purpose of identifying and realizing obvious and short term synergies. The parties have agreed not to disclose the terms of the transaction.
Etac’s acquisition of R82 is subject to the approval of competition authorities. In connection with Etac´s acquisition of R82, Nordstjernan acquires RFSU´s remaining 40% stake in Etac so that Nordstjernan now owns 100%. Nordstjernan and RFSU have reached this agreement to ensure that Etac and R82 will be supported by an ownership structure that has the financial flexibility to support future growth.
Nora Förisdal Larssen Peter Hentschel
Chairman of the Board CEO Etac AB
Etac AB