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09/2020MajorityLBO

EQT Partners takes majority stake in Schülke

GERMANY Life Sciences / Medical Devices / Medical Consumables EV €500M–1.5bn

Context

EQT completed the acquisition of 100% of Schülke from its parent company, Air Liquide. This transaction represents a strategic carve-out for Air Liquide, allowing the French industrial gas giant to refocus on its core activities while providing Schülke with the independent capital necessary for long-term expansion. Announced during the height of the COVID-19 pandemic, the deal saw increased competition from other major private equity firms (PAI Partners, Ardian) due to Schülke’s critical role in infection prevention. EQT’s vision for the company involves accelerating geographical expansion, enhancing its digital presence, and reinforcing its market leadership in the healthcare hygiene sector through a focused "stand-alone" strategy.

The acquisition of Schülke is part of the growth strategy of EQT Partners, which already has several external growth operations under its belt, notably Ottobock in 2017.

Schülke, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

-> Deep-dive in Healthcare & Pharma market trends

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

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€250–500M
€50–100M
[members only]
2018
€250–500M
€50–100M
[members only]

Other operations with Schülke

Other operations with Schülke
DateAcquirerTargetCountrySector
08/2023ATHOS CONSORTIUMSCHÜLKEGERMANYMedical Consumables

Other operations with EQT Partners

Other operations with EQT Partners
DateAcquirerTargetCountrySector
07/2021EQT PARTNERSMEINE RADIOLOGIEGERMANYRadiology
07/2021EQT PARTNERSBLIKK GROUPGERMANYRadiology
03/2021EQT PARTNERSCERBA HEALTHCAREFRANCELabs (Biology)
12/2020EQT PARTNERSTORGHATTENNORWAYMarine Passenger
09/2020EQT PARTNERSIDEALISTASPAINE-commerce & Marketplaces
09/2020EQT PARTNERSCOLISÉEFRANCENursing Homes
06/2017EQT PARTNERSOTTOBOCKGERMANYImplants & Prosthetics
04/2017EQT PARTNERSCOLISÉEFRANCENursing Homes
06/2016EQT PARTNERSAPLEONAGERMANYHVAC
03/2014EQT PARTNERSI-MED RADIOLOGY NETWORKAUSTRALIARadiology

Similar deals in Life Sciences

Similar deals in Life Sciences
DateAcquirerTargetCountrySector
10/2020SULZERHASELMEIERSWITZERLANDMedical Consumables
10/2020ARDIANH2 PHARMAFRANCECDMO
09/2020PATRICIA INDUSTRIESADVANCED INSTRUMENTSUNITED STATESDiagnostic Equipment
09/2020NESTLEIM HEALTHSCIENCEUNITED STATESNutrition & Dietary Supplements
09/2020PERMIRANEURAXPHARMGERMANYGenerics / Labs
06/2020AVISTA CAPITAL PARTNERSVISION HEALTHCAREBELGIUMNutrition & Dietary Supplements
04/2020ROYAL DSMGLYCOMDENMARKNutrition & Dietary Supplements
04/2020AMERICAN SECURITIESPARAGON MEDICALUNITED STATESMedical Devices
04/2020WARBURG PINCUSPOLYPLUSFRANCER&D Biotech
03/2020LBO FRANCEDUTSCHERFRANCEMedical Consumables

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €250–500M

EBITDA range: €50–100M

EV/Revenue range: 2x - 6x

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 EQT Partners 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 EQT Partners in 2020, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Athos Consortium in August 2023 (see the dedicated deal page for details).

How was the acquisition of Schülke by EQT Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Schülke’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Schülke generated annual revenue estimated in the €250–500M range and EBITDA in the €50–100M bracket (FY 2019). 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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