Sunrise Medical has been acquired by Platinum Equity, a global investment firm headquartered in Los Angeles.
In a June 5 press release, Platinum Equity said it had signed an agreement to purchase Sunrise Medical from Nordic Capital, which acquired Sunrise in 2015. Platinum Equity added that the acquisition is expected to be completed in the third quarter. Financial terms were not disclosed.
Sunrise Medical President/CEO Thomas Babacan “will continue leading the company following the transition to new ownership,” the announcement said.
“We are a purpose-driven company with the ability to positively impact people’s lives,” Babacan said in the press release. “As we continue to innovate and grow, we have the opportunity to be impactful on an even larger scale. Platinum has a lot of experience supporting complex, global businesses, and the firm’s financial resources and operational expertise will be especially valuable to our mission. We are excited about the opportunities ahead.”
Expressing appreciation to Nordic Capital
Babacan also acknowledged the growth that Sunrise Medical experienced while under Nordic Capital’s ownership. Sunrise acquisitions during that time included all-terrain power chair manufacturer Magic Mobility in 2018 and seating manufacturer Ride Designs in 2023.
“For more than 40 years, we have been following our mission of improving people’s lives,” Babacan said in a June 5 statement posted to Sunrise’s website. “Nordic Capital’s deep sector expertise, focus on operational excellence, and experience in how to advance global expansion have been instrumental in the growth of Sunrise Medical over the past years. We are grateful for the excellent partnership which has enabled us to achieve our joint vision of creating a leader in our sector with an unrivalled global presence, to the benefit of users in need.”
Babacan added that Sunrise is ready for additional growth.
“Based on our strong global footprint and proven strengths in providing users and customers with high-quality products and services, coupled with continuous innovation, we are ideally positioned to capture further growth opportunities,” he noted. “While we have been ready to enter the next stage as a privately held or publicly listed company, we are delighted to welcome Platinum Equity as our future shareholder, which will enable us to continue innovating and growing with the support of private capital. Platinum has a lot of experience supporting complex, global businesses and the firm’s financial resources and operational expertise will be especially valuable to our mission. Improving the lives of users in need will remain our focus, and we are excited about the opportunities to be impactful on an even larger scale.”
“Sunrise Medical has established an impressive global network serving the mobility needs of people around the world,” said Platinum Equity Managing Director Igor Chacartegui. “We will continue investing in organic growth and also pursue acquisitions that can expand or fill in gaps in the company’s product line, provide new technological capabilities, or further extend the company’s geographic reach.”
Platinum Equity was founded by Tom Gores in 1995 and currently has more than $48 billion of assets under management globally. The organization’s portfolio comprises approximately 50 companies and employs 190,000 people in a number of industries, including manufacturing, distribution, transportation and logistics, equipment rentals, metals services, media and entertainment, technology and telecommunications.
During its lifetime, Platinum Equity has completed more than 450 acquisitions.
