Kirk Kapital increases ownership stake in Ferrosan Medical Devices from 30 per cent to 40 per cent
The Danish medical device company Ferrosan Medical Devices Group A/S (FeMD) will now get both the Lundbeck Foundation and ATP as owners, each with a 30% stake. At the same time, Kirk Kapital is increasing its ownership stake in FeMD, a world leader in haemostatic devices, from 30% to 40%.
The selling shareholders are the investment company Impilo (52%) and other private investors (18%).
Kirk Kapital has been the driving force behind the establishment of the consortium, which includes the Lundbeck Foundation and ATP, and Kirk Kapital’s CEO Kim Gulstad is pleased to welcome them on board as owners.
“Kirk Kapital has been a 30% shareholder in FeMD since 2016, which has enabled me to follow the company’s strong development closely for a number of years. I am convinced that FeMD has an exciting future ahead of it, with the company continuing to develop advanced medical devices capable of helping even more patients in the years to come. I am therefore delighted that Kirk Kapital is now increasing its shareholding in FeMD and that we have been able to attract such skilled and prominent co-shareholders,” says Kim Gulstad, CEO of Kirk Kapital.
Since 1947, FeMD has developed and manufactured surgical haemostatic devices for use by healthcare professionals. In this context, FeMD has a global partnership agreement with US-based Ethicon, Inc. (part of Johnson & Johnson), which is responsible for sales and marketing of FMD’s haemostatic devices in more than 100 countries. In addition, FeMD develops and produces handheld biopsy devices, used in the diagnosis of breast cancer. The Danish medical device company has around 350 employees and production facilities in Søborg in Denmark and Szczecin in Poland. In 2021, FeMD had revenues totalling DKK 720 million and an EBITDA of DKK 281 million, and has recorded annual revenue growth of 14% over the past 10 years.
The new ownership wants to invest further in both production capacity and FeMD’s medical device development pipeline.
“At the Lundbeck Foundation, we are delighted to become part of the ownership group for FeMD, which we consider to be a well-run company that complements perfectly our portfolio of companies, all of which have strong development potential. As a commercial foundation, we work with a long-term perspective and want to create value that develops FeMD both commercially and financially, while strengthening the Danish healthcare industry,” says Arne Due-Hansen, Head of Strategic Investments at the Lundbeck Foundation.
The Danish pension fund, ATP, is also pleased to be joining the ownership group.
“FeMD aligns perfectly with the standard we have set for investments through ATP Long-Term Danish Capital. We are delighted that we will become long-term owners of a company that creates immense value in Denmark and globally. FeMD is a market leader and there is still potential for development and growth that can generate a good risk-adjusted return for ATP’s members. I look forward to working with Kirk Kapital and the Lundbeck Foundation and to playing an active role in FeMD’s future,” says Anja Bach Eriksson, Director, ATP Long-Term Danish Capital.
Rasmus Hother le Fevre will continue as CEO of FeMD.
“I am pleased to welcome Kirk Kapital, the Lundbeck Foundation and ATP as the new owners of FeMD. Together with the other members of the management team and our employees, I look forward to realising the long-term potential of FeMD for the benefit of patients who require bleeding control during surgery. Finally, I would like to take this opportunity to thank Impilo and the other shareholders for their support and encouragement of FeMD over the past few years,” says Rasmus Hother le Fevre, CEO of FeMD.
The transaction is subject to customary regulatory approvals.