EQT acquires the dental market leader Sirona from the Permira Fund

The EQT Northern Europe Private Equity Funds (EQT), together with Sirona Management, have acquired the Sirona Group. Management has acquired 15% of the company. The Sirona Group is the leading global manufacturer of dental equipment for dental practices and laboratories. The contract, with an Enterprise Value of 417.5 million Euro, was officially notarised on the 9th of November. The transaction is subject to the approval of the cartel authority.

In the dental market, Sirona is the manufacturer of equipment and technology, which covers the broadest spectrum of dental solutions. This includes treatment centres, handpieces, imaging systems and dental CAD/CAM systems. The 2002/03 financial year, which ended in September, saw record results for Sirona of 284 million Euro, and thus confirmed its leading market position.

At the same time, the company increased the EBIT to 52 million Euro (44 million Euro in the previous year) and return on sales to 18,3%. The operating cash flow was at 71 Million Euro (55 million Euro in the previous year).

Jost Fischer, CEO of Sirona, is looking optimistically into the future: “We want to grow further and build upon our position as market leader in innovative dental equipment. The talks have shown us that with EQT, we have found a partner, whose support we can build upon and with whom we want to reach our ambitious plans.“

Upon the signing of the contract, Björn Hoi Jensen and Udo Philipp, partners of EQT Partners – the investment consultants of EQT Funds - explained the investment strategy: “EQT takes an interest in working with well-positioned and highly profitable companies for the purpose of investing heavily in their growth. With its highly qualified employees, excellent reputation and superior products, Sirona perfectly fulfils our investment criteria. EQT has the goal of accelerating Sirona’s growth, as well as strengthening its market position through acquisitions.”

About Sirona:
As the leading international manufacturer of dental equipment, Sirona sets the technological and economic practice standards in the area of dental treatment. The four product divisions – Treatment Centres, X-Ray Systems, Dental CAD/CAM Systems and Handpieces are positioned in attractive growth-markets and have expanded considerably. In the last financial year, 2002/03, Sirona was able to reach sales of 284 million Euro. Earnings before taxes, interests, step-up and extraordinary depreciation (EBIT) were placed at 52 million Euro.

www.sirona.com


Contact EQT:

Udo Philipp, Partner, EQT Partners Beteiligungsberatung GmbH,
+49 89 25 54 99 22

Contact Sirona:

Stefan Kohl, Marketing & PR,
+49 62 51 16 39 00

Jost Fischer, President & Chief Executive Officer,
+49 62 51 16 24 01

 

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