McDermott Advises Elos Medtech on Combination with Klingel Medical Group
Frankfurt, July 31, 2023 – McDermott Will & Emery has advised Elos Medtech AB, a portfolio company of TA Associates, on entering into an agreement to acquire Klingel Holding GmbH (Klingel Medical Group) from IK Partners and management.
Klingel, a leading contract development and manufacturing organization (CDMO) headquartered in Pforzheim, Germany, will strengthen Elos Medtech’s position with R&D capabilities and new technology expertise.
The completion of the transaction is subject to customary regulatory approvals, acceptance at the extraordinary general meeting, and successful completion of a rights issue to finance the acquisition. Closing is expected in the fourth quarter of 2023.
Elos Medtech is a leading development and production partner for medical devices and components, focusing on dental and orthopedic implants and instruments. The company operates from facilities in Sweden, Denmark, China, and the U.S. and has more than 650 employees and a turnover of approx. SEK 950 million. Elos Medtech has been listed on NASDAQ Stockholm AB since 1989.
Klingel Medical Group is a leading manufacturer of metal products for medical technology with customers in orthopedics, spine, trauma, surgical robotics, endoscopy, and dentistry. Klingel has around 900 employees across its headquarters in Pforzheim and eight production sites in Southern Germany and Switzerland.
IK Partners is a European mid-market private equity firm focused on investments in the Benelux, DACH, France, Nordics, and the UK.
The McDermott team was led by partner Norman Wasse and associate Marion von Grönheim. It comprised partners Gudrun Germakowski, Johannes Honzen, Heiko Kermer, Christian Masch, Alexa Ningelgen, Christian Rolf, Deniz Tschammler, Ludwig Zesch, counsel Marcus Fischer, Jana Grieb, and Laura Stammwitz, as well as associates Simon Apelojg, Lukas Deutzmann, Alexandra-Sophie, Adrian Helfenstein, Hannah Henseling, Isabelle Müller, Julia Rosenberg, Lisa Schickling, Laura Sollacher, Michael Spirk, Tim Weill, and Ilva Woeste.