Coloplast has reached an agreement to acquire Atos Medical from the private equity firm PAI Partners. his transaction marks a major strategic exit for PAI Partners, which acquired the company in 2016. During PAI’s five-year ownership, Atos Medical more than doubled in size, transforming from a laryngectomy specialist into a diversified ENT leader with a significant foothold in the tracheostomy market. The rationale for the acquisition is highly strategic for Coloplast, as it adds a new chronic care segment to its existing portfolio. Atos Medical’s business model is a perfect fit for Coloplast’s "Chronic Care" strategy, characterized by high-recurring revenue from medical consumables and a strong direct-to-consumer orientation. The merger allows Coloplast to leverage Atos Medical’s industry-leading margins and unique patient-reach capabilities while providing Atos with Coloplast’s massive global infrastructure to further accelerate expansion in emerging and under-penetrated markets.

Founded in 1986, Atos Medical is the global market leader in laryngectomy care, specialized in supporting patients living with a neck stoma. The company’s core business model focuses on restoring speaking ability and improving pulmonary health for patients who have undergone surgical removal of the voice box or tracheostomy procedures. Its value proposition is built on a unique direct-to-consumer (DTC) model, which accounts for approximately 50% of its laryngectomy revenues, ensuring personalized care and long-term patient engagement. Atos Medical’s strategy emphasizes clinical innovation and geographical expansion, providing high-quality medical consumables such as heat and moisture exchangers (HMEs) and voice prostheses. By diversifying into the tracheostomy segment through selective acquisitions, the company has established itself as a comprehensive Ear, Nose, and Throat (ENT) specialist. With a direct presence in 30 countries and a distribution network reaching ~90 markets, Atos Medical combines technical medical expertise with a patient-centric service layer to maintain industry-leading margins and high organic growth.