Press Ganey enters into Definitive Agreement to be Acquired by EQT

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Boston, MA, August 9, 2016 – Press Ganey (NYSE: PGND), a healthcare performance improvement company, announced that it has entered into a definitive agreement to be acquired by EQT Equity fund EQT VII (“EQT”), part of the global private equity group EQT. Under the terms of the agreement, EQT will acquire all of Press Ganey’s common stock. Shareholders of record will receive $40.50 in cash per share of Press Ganey common stock, resulting in an enterprise value of approximately $2.35 billion. The offer price represents a 20% premium to the year to date volume-weighted average price and a 62% premium to the initial public offering price for the common stock. The acquisition of Press Ganey represents EQT’s first direct EQT Equity investment in North America.

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Sunrise Medical acquires Handicare’s Mobility Business

Sunrise Medical announced today the acquisition of Handicare’s Mobility division‎, headquartered in Helmond, the Netherlands. This follows the acquisition of Sunrise Medical by Nordic Capital that was announced in June 2015.

The Handicare product lines that form part of this acquisition are limited to mobility products such as wheelchairs, scooters and rollators. All other Handicare product lines such as Accessibility, Patient Handling, car adaptations etc. are not part of this transaction.

Handicare’s Mobility business with divisions in Norway, Sweden, Denmark, Holland, Belgium, Germany, France and Canada, will expand Sunrise`s geographic and product reach. Sunrise Medical’s annual sales post transaction will well exceed €400m, cementing their leadership position as the single biggest Premium Mobility Company globally.

Thomas Rossnagel, President and CEO of Sunrise Medical, is excited by the opportunity that this acquisition presents, “Sunrise Medical has seen very strong growth over the past ‎five years, organically and by way of strategically important and successful acquisitions. To now acquire Handicare’s Mobility business makes perfect commercial sense. This business is highly complementary to Sunrise Medical’s, geographically as well as from a product perspective”.

Johan Ek, Handicare’s Chairman and acting CEO, added: “Sunrise Medical is the perfect home for continued successful development of our mobility business. Handicare Group will now have the opportunity to further focus on investing and growing our remaining business segments.”

Sunrise Medical’s intention is to integrate Handicare’s Mobility business over the course of the next 12-18 months. To facilitate a smooth transition, a brand license agreement has been signed allowing Sunrise Medical to continue to use the Handicare brand/logos for their mobility product lines for an agreed period of time. All other product related brands, name rights and all Intellectual Property rights relating to Handicare Mobility`s products will transfer to Sunrise Medical upon closing of the deal which is expected to take place by the end of September 2015.

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Prism Medical LTD. agrees to be acquired by Handicare Group AB



June 27, 2016 – Prism Medical Ltd. and Handicare Group AB today announced that they have entered into an arrangement agreement pursuant to which Handicare will acquire all of the outstanding common shares of Prism Medical. Pursuant to the Arrangement Agreement, shareholders of Prism Medical will receive $12.50 in cash for each Prism Medical Share, which represents a 31.6% premium to the closing price of the Prism Medical Shares on the TSX Venture Exchange on June 27, 2016 of $9.50 and a premium of 34.2% to the 20-trading day volume weighted average trading price of the Prism Medical Shares on the TSXV. The total equity purchase price is approximately $62 million on a fully diluted basis.

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PAI enters into an agreement to purchase Atos Medical

PAI Partners (“PAI”) have entered into an agreement to acquire Atos Medical (the “Company”) from EQT VI. Atos Medical is a fast-growing medical device company holding an undisputed global leadership position within the laryngectomy market.

Atos Medical develops, manufactures and sells a range of products that help patients who have undergone total laryngectomy to restore their ability to speak and increase their quality of life. Operating under a proven chronic care business model, which provides high and robust revenue predictability, the Company has delivered strong profitable growth and an excellent financial track record over the last decades as it has developed the market for its products and established a global customer base.

Ragnar Hellenius, Partner and Head of the PAI Nordic team:
“We are very proud to become the new owners of Atos Medical, a company that gives their voice back to patients who have been through invasive life-changing surgery. We are backing an outstanding management team under the leadership of Mr Claus Bjerre, who possesses unparalleled experience and capabilities in the world of chronic care. We believe the journey and transformational strategy that EQT has started together with Mr Claus Bjerre and his team is well founded and one we will continue to support.”

Claus Bjerre, CEO Atos Medical:
“We are very excited to partner with PAI Partners to continue to grow our company. PAI shares Atos’ ambition to rapidly grow our business within our highly underpenetrated core market, by investing in R&D, further developing our direct-to-consumer sales model, and expanding our global sales presence. We believe that PAI, with its industrial approach, healthcare sector capabilities, and global network, is an ideal partner for Atos to fully realise our strategy and growth ambitions.”

This acquisition will be the 10th investment by PAI Europe VI and is a testimony of PAI’s proven operating model, combining local sourcing and execution capabilities with sector expertise. It is also a further example of PAI’s long-standing commitment to the Healthcare sector.
The transaction is expected to close during the summer of 2016.

About EQT

EQT is a leading global private equity group with approximately EUR 29 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For further information:

About Atos Medical

Atos Medical is a medical device company with a global market and technology leading position in the segment for voice and pulmonary rehabilitation of patients who have undergone laryngectomy (surgical removal of the voice box). The Company is head-quartered in Malmö, Sweden and has c. 450 employees.
For further information:

About PAI

PAI is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages over €8 billion of dedicated buyout funds. Since 1994, PAI has completed 59 LBO transactions in 11 countries, representing c. €41 billion in transaction value.
PAI is characterised by its industrial approach to ownership combined with its sector based organisation. PAI provides portfolio companies with the financial and strategic support required to pursue their development and enhance strategic value creation.
For further information about PAI:

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Nordic Capital Fund VIII and Novo A/S announce the closing of the acquisition of ERT

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Following approval by the antitrust authorities in the US and Europe, Nordic Capital Fund VIII, (“Nordic Capital”), and Novo A/S today announce the closing of the acquisition of ERT from Genstar Capital for an enterprise value of USD 1.8 bn. Nordic Capital Fund VIII will control 70% of the institutional equity and Novo A/S will hold the remaining 30%.

With 1,300 employees world-wide and with its headquarters in Philadelphia USA, ERT is a global leading provider of advanced high-quality electronic data collection solutions for clinical development programs. Their systems are widely used by pharmaceutical and biotech companies innovating drug and device therapies to optimize clinical trial management, and to document safety and efficacy clinical outcomes data.

Since its inception in 1972, ERT has developed from a technology start-up to a company that today supports the conduct of more than 1,500 clinical trials annually. This is achieved through the compilation of a variety of clinical outcome data from more than 2.7 million patients, in strict accordance with the standards defined by the major regulatory agencies.

Jim Corrigan, President and Chief Executive Officer of ERT said, “The acquisition of ERT by Nordic Capital Fund VIII and Novo A/S provides a new substantial financial and operational backing that will enable us to grow and expand the company’s activities further. The new ownership will fast-forward our development plans and deepen our service offerings, to meet the evolving needs of our customers.”

Building on ERT’s leading technology stronghold and operational performance within clinical outcomes data capture, analysis and reporting, the company’s management and new owners are aiming to pursue further add-on investments to expand the operational platform of ERT in the years to come.

Jonas Agnblad, Partner, NC Advisory AB, advisor to the Nordic Capital Funds commented, “Nordic Capital identified ERT as a very attractive investment opportunity in the eClinical market.It has deep insights into the clinical development process, an attractive technical platform and an outstanding competitive position.Nordic Capital is pleased to partner with Novo A/S to acquire ERT, given their dedicated life-science investment focus. Together, we are planning to invest in the company’s service offerings and operational footprint in the years to come.”

Dr. Raj Shah, Partner, NC Advisory (UK) LLP, advisor to the Nordic Capital Funds said “We are impressed by the investments made in the technical platform as well as management’s overall development of ERT as a trusted healthcare service partner and the leading healthcare technology provider. Their leadership position in the attractive eCOA market, supported by similar strong positions in Cardiac Safety and Respiratory Solutions, provides a robust platform for future growth”.

Commenting on the investment in ERT, Michael Shalmi, Head of Large Investments in Novo A/S said, “We are pleased to partner with Nordic Capital Fund VIII for the joint ownership and development of ERT, given their extensive health care related buy-out experience and excellent life science investment track record. The many growth options available to ERT, organically as well as by acquisitions, represent exciting investment opportunities which we look forward to pursuing in our partnership with Nordic Capital Fund VIII and the management of ERT”.


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Nordic Capital to invest in ERT, a leader in eClinical solutions for the pharmaceutical industry

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Nordic Capital Fund VIII (“Nordic Capital”) has reached a definitive agreement to become the new controlling shareholder of the US-based company eResearchTechnology, Inc. (“ERT” or the “Company”), a leading provider of high-quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development. The investment in ERT further confirms Nordic Capital’s position as a leader in private healthcare investments. Supported by its new owner, ERT will be well positioned to continue its development as a global market leader within innovative and differentiated patient data collection solutions.

ERT is a trusted partner to many pharmaceutical companies who rely on ERT’s high-end services to ensure quality and expedience of clinical trials en route to new efficient drugs, as ERT simplifies and digitalises complex clinical trial experience and procedures. The Company has deep scientific, therapeutic and regulatory experience from over 8,500 clinical studies involving more than 2.7 million patients in 119 countries and has supported over 50% of all new FDA drug approvals in the past three years. ERT is headquartered in Philadelphia, USA and has over 1,200 employees and revenues in excess of USD 300 million.

ERT delivers a unique combination of technology, services and clinical consulting, built on a foundation of deep scientific and regulatory expertise. ERT’s solutions increase the accuracy and reliability of patient data and improve widely deployed solutions in healthcare areas such as Cardiac Safety, Respiratory Solutions and electronic Clinical Outcome Assessments (eCOA). ERT has a proven track record of growth and it is Nordic Capital’s ambition as its new owner to support ERT’s continued development, strategic goals, future growth and further international expansion.

“Nordic Capital sees ERT as a very attractive investment opportunity in the eClinical market. It has deep insights into the clinical development process, an attractive technical platform and an outstanding competitive position. ERT is highly valued by the pharmaceutical industry as a business partner, as evidenced by its market leadership in eCOA, Cardiac Safety and Respiratory Solutions. ERT has an excellent performance track record and is well positioned for accelerated growth. Nordic Capital’s ambition is to support ERT’s executive management team to further develop the Company by growing in both existing and adjacent market segments,”says Jonas Agnblad, Partner, NC Advisory, advisor to the Nordic Capital Funds.

“This is an exciting next step for us. Nordic Capital has extensive experience in both healthcare and technology investments, and a successful track record in supporting management teams in developing and growing businesses.Together we will extend our leadership in eClinical solutions, and innovate better health through investments across our portfolio of capabilities to meet our customers’ evolving needs. We will further invest in attracting and retaining the industry’s best people, partnering for success in the dynamic regulatory environment, and enabling our customers to deliver safe and effective trials,” says Jim Corrigan, president and chief executive of ERT.

“We are impressed by the investments made in the technical platform as well as management’s overall development of ERT as a trusted healthcare service partner and the leading healthcare technology provider. Their leadership position in the attractive eCOA market, supported by similar strong positions in Cardiac Safety and Respiratory Solutions, provides a robust platform for future growth,” says Dr. Raj Shah, Partner, NC Advisory, advisor to the Nordic Capital Funds.

The parties have agreed not to disclose the financial terms of the transaction. The investment is subject to customary approvals by the relevant authorities.

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50

David Coman, Chief Strategy and Marketing Officer
Tel: +1 919 749 6124

About ERT

ERT is a leading provider of high-quality patient data collection solutions for use in clinical drug development. ERT delivers a combination of technology, services and clinical consulting that increase the accuracy and reliability of patient data and improve the widely deployed solutions in centralized Cardiac Safety, Respiratory, and electronic Clinical Outcome Assessments (eCOA) – which includes patient-, clinician-, observer- and performance-reported outcomes – and cloud-based analytics and performance metrics. By efficiently integrating these solutions through a system built upon a scientific and regulatory foundation, ERT collects, analyzes and delivers safety and efficacy data critical to the approval, labeling and reimbursement of pharmaceutical products. For more information see

About Nordic Capital

Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see


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New portfolio company: Spinchip Diagnostics


Investinor invests MEUR 1.9 in Norwegian medtech startup Spinchip Diagnostics AS.
Oslo based Spinchip Diagnostics is developing a new state of the art platform for in vitro diagnosis analyses in a point of care setting.

The solution will enable faster, easier and more reliable diagnosis and follow up of e.g. cardiovascular, inflammatory, infectious, diabetic and endocrine diseases.

A fraction of a blood droplet is drawn directly from a finger prick into the small disposable cartridge. The cartridge is then inserted into the small apparatus. Results of a variety of advanced analyses will be obtained automatically within a couple of minutes.

SpinChip’s point of care device will be the first to satisfy all key user requirements, both with respect to assaying performance and user-friendliness. The platform combines swift analysis and superior ease of use with laboratory quality of wide range of advanced analyses.

SpinChip Diagnostics was established in February 2012 as a spin-off from the research organization SINTEF. SpinChip Diagnostics is currently developing the technology and expects to launch the platform in late 2018.

In addition to Investinor, founders, SINTEF Venture III and Tronrud Engineering are large owners in the company.

Founder and CTO Stig Morten Borch has more than 30 years of experience from the medtech industry, where ha e.g. led the develpoment of Nycomed/Axis-Shield’s platform analyses Nycocard and Afinion.

SpinChip Diagnostics has raised a total of MEUR 3.9 in a private placement towards Investinor, existing owners and experienced business angels with proven rack reckord in the medtech industry, e.g. Lars-Olof Hansson, professor at Karolinska University Hospital and owner of Institute for Diagnostics Development AB and S2G Scandinavia AB.

Following the investment round Åse Aulie Michelet will take the posistion as chairman of the Board in SpinChip Diagnostics AS.

She was previously CEO of Teres Medical Group AS and Marine Harvest ASA, and held leading positions in Amersham and GE Healthcare. Åse Aulie Michelet has also held board positions in Orkla ASA, Cermaq ASA and Yara International ASA, and she was Chairman of the Board in Photocure ASA.

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