London-based Oakley Capital is set to acquire the consumer healthcare company WindStar Medical from ProSiebenSat.1 for an enterprise value of € 280m.
The German broadcaster said it is disposing of the 92% stake in WindStar owned by its technology subsidiary NuCom, with Oakley Capital also buying the remaining 8% held by minority shareholders. The deal is expected to close in the fourth quarter of 2020.
“We are able to reduce our financial leverage ratio with the proceeds from the sale, giving us more leeway to make future value-creating investments in the consumer internet sector,” said ProSiebenSat.1 chief financial officer Rainer Beaujean.
ProSieben bought Windstar Medical in 2016. But in March this year it announced it would reassess all its investments to determine whether it is the best owner for individual companies.
Headquartered in Wehrheim im Taunus, Hesse, WindStar is a provider of non-prescription healthcare products, develops and distributes medical products and over-the-counter pharmaceuticals for drugstores, supermarkets and pharmacies. The 120 employee company is expected to generate over €120m in revenues this year.
Peter Dubens, managing partner of Oakley Capital, said the investment in Windstar will “accelerate its growth trajectory in Germany and in international markets.”
The western Europe-focused private equity firm is currently investing its fourth fund, closed last year at €1.46bn.
Oakley has more than €3bn of assets under management and invests in mid-market companies across the region within three core sectors – consumer, education and technology, media and telecoms.
Source: Private Equity News
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