Image via wikipedia user Amanda Paul

Platinum Equity announced the signing of a definitive agreement to acquire Sunrise Medical from Nordic Capital.

Financial terms were not disclosed. The acquisition is expected to be completed in Q3 2024, subject to customary regulatory approvals.

Headquartered in Malsch, Germany, and with North American headquarters in Fresno, Sunrise Medical has manufacturing facilities in the United States, Mexico, Germany, the United Kingdom, Spain, and China. 

Platinum Equity’s European investment team, based in London, is leading the acquisition.

Sunrise Medical is a global market leader for assistive mobility solutions. It is active in the development, design, manufacturing, and distribution of assistive mobility products and solutions such as manual and power wheelchairs, power assist products, pediatric and geriatric therapeutic devices, mobility scooters, seating and positioning systems, daily living aids, and other home medical equipment. 

Sunrise Medical’s products are marketed under the Quickie, RGK, Magic, JAY, Zippie, Leckey, Breezy, Sterling, and other proprietary brands. They are sold through a network of homecare medical product dealers or distributors in over 130 countries.

“Sunrise Medical is an innovative, global company that has been a pioneer in mobility solutions for more than 40 years,” said Platinum Equity Co-President Louis Samson in a press release. “We believe strongly in the company’s core mission and are committed to partnering with the management team to continue investing in the development of advanced clinical solutions tailored to the individual needs of people who depend on them.”

Thomas Babacan, President and CEO of Sunrise Medical, will continue leading the company after it transitions to new ownership.

“We are a purpose-driven company with the ability to positively impact people’s lives,” said Babacan in a press release. “As we continue to innovate and grow, we have the opportunity to be impactful on an even larger scale. Platinum has a lot of experience supporting complex, global businesses, and the firm’s financial resources and operational expertise will be especially valuable to our mission. We are excited about the opportunities ahead.”

JP Morgan is serving as Platinum Equity’s financial advisor on the acquisition of Sunrise Medical. Willkie Farr & Gallagher LLP is providing legal counsel, and Latham & Watkins LLP is providing regulatory counsel.