Athos Consortium takes majority stake in Schülke

GERMANY Life Sciences / Medical Devices / Medical Consumables EV €1–10bn

Context

EQT Private Equity has agreed to sell 100% of Schülke to a consortium led by ATHOS, following a highly successful three-year transformation period. EQT originally acquired the company in a 2020 carve-out from Air Liquide for approximately €1.0 billion. During its ownership, EQT repositioned Schülke as a pure-play healthcare leader, executing five add-on acquisitions and divesting the personal care division. This strategic focus resulted in double-digit annual revenue growth and a near doubling of EBITDA in the core healthcare segment. The sale to the ATHOS Consortium represents a transition from institutional private equity to long-term family office ownership, aligning with Schülke’s 135-year heritage and its mission to protect lives worldwide.

In the past, Schülke was acquired by EQT Partners in 2020 as part of its expansion strategy.

Schülke, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Founded in 1889, Schülke is a global leader in infection prevention and treatment solutions for the healthcare and life sciences industries. Headquartered in Norderstedt, the company specializes in high-quality disinfectants, antisepsis products, and wound care solutions, featuring iconic brands such as octenisept, kodan, and desderman. Its business model focuses on mission-critical hygiene for hospitals, pharmacies, and direct patient care channels. Under recent private equity ownership, the company underwent a major strategic repositioning to exit non-core personal care segments and focus entirely on healthcare. Schülke operates three production sites in Germany, France, and Brazil, and maintains market-leading positions in Central and Eastern Europe, Australia, and Brazil.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Schülke

Other operations with Schülke
Date	Acquirer	Target	Country	Sector
09/2020	EQT PARTNERS	SCHÜLKE	GERMANY	Medical Consumables

Other operations with Athos Consortium

Other operations with Athos Consortium
Date	Acquirer	Target	Country	Sector
04/2026	ATHOS CONSORTIUM / A.P. MOLLER HOLDING	DOCTOLIB	FRANCE	Healthcare

Similar deals in Life Sciences

Similar deals in Life Sciences
Date	Acquirer	Target	Country	Sector
10/2023	RESONETICS	NITINOL BUSINESS	UNITED STATES	Medical Devices
10/2023	LUXEMPART	ALPHACAPS	GERMANY	Nutrition & Dietary Supplements
08/2023	OAKLEY CAPITAL INVESTMENTS	LIBERTY DENTAL GROUP	GERMANY	Implants & Prosthetics
08/2023	CARL ZEISS MEDITEC	D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER)	NETHERLANDS	Medical Devices
07/2023	LAUXERA	ORGANOX	UNITED KINGDOM	Medical Devices
07/2023	ELOS MEDTECH	KLINGEL MEDICAL GROUP	GERMANY	Implants & Prosthetics
07/2023	EQT PARTNERS / ADIA	DECHRA PHARMACEUTICALS	UNITED KINGDOM	Pharma & Biotech
06/2023	NOVO NORDISK	BIOCORP	FRANCE	Medical Devices
04/2023	HALMA	APRIOMED	SWEDEN	Medical Devices
04/2023	INNOVAD GROUP	HERBONIS	SWITZERLAND	Animal Health

REFERENCES

Valuation range: EV €1–10bn

EBITDA range: €100–200M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Schülke by Athos Consortium are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: schülke

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Schülke, a German company specialised in Medical Devices, by Athos Consortium in 2023, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in September 2020, when the company was acquired by EQT Partners.

How was the acquisition of Schülke by Athos Consortium valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Schülke’s EBITDA at the time of the deal?

At the time of the transaction, Schülke’s EBITDA was estimated within the €100–200M bracket (FY 2023). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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