Management Buyout of the Dometic Medical Division Back by Navis Capital Partners
31 Mar 2015We are pleased to inform you that Navis Capital Partners (“Navis”) has completed the acquisition of Dometic Medical Division (“Company”). The transaction includes the production facility located in Luxembourg and the global sales organization.
Navis will acquire a majority stake in the Company as part of a Management Buy-out (“MBO”). The MBO team will be led by the current President and CEO, Luc Provost, together with Pascal Vannier acting as a Senior Advisor.
“The capital cost of the cold chain equipment represents only 2% of the annual spend on emerging market vaccines, but is a critical element to ensure effective vaccines are delivered. The products and system solution offered by the Company are differentiated from its competitors in terms of patent protected technology, functionality and durability” Nicholas Bloy a Managing Partner of Navis commented.
Michael Octoman, a Partner of Navis commented: “The Company distributes products globally for both on-grid locations with electrical power supply and off-grid environments with no power supply. As vaccines are temperature sensitive, this presents a significant challenge when trying to reach populations in remote areas. To ensure the Company’s products ongoing success in such demanding environments, we will continue to invest heavily in R&D”.
Luc Provost, CEO of Dometic Medical Systems added: “We are excited by the prospects of our partnership with Navis, who will provide strategic and operational support to achieve our ambitious goals. We will remain focused on our customer needs and given the transaction was fully equity funded; we will have a very strong balance to invest in the business and to pursue growth”.
Pascal Vannier concluded: “A new owner focused on the medical business will facilitate further accelerating of the positive developments, experienced during last year”.