CapMan, Investor Growth Capital and Nobel Biocare are selling Swedish hearing aid manufacturer Entific to Cochlear of Australia for €116m.
Swedestart II, which is managed by CapMan, invested in Entific in 1999 and will earn 6.3x its initial investment as a result of the sale. Prior to the deal, the fund held a 26.6% stake in the company.
Entific was created in 1999 as a spin-off from Nobel Biocare, the Swedish dental implant company. It has grown into an international medtech company, accruing sales of €23.4m in 2004 and pre-tax earnings of €4.1m.
Under the leadership of Dan Pitulia, CEO, turnover has increased six-fold since 1999, attributable to the establishment of an international sales and marketing organisation in combination with a high pace of new product launches.
Cochlear is an Australian medtech company with net sales of A$285.8m. It is listed on the Australian Stock Exchange.
CapMan’s exit of Entific follows the sale of Swedish NeoPharma AB to Solvay Pharmaceuticals, which was finalised in January.