Relevant Document:Van Raam Statement
German bank Oldenburgische Landesbank AG, or OLB, is the sole lender supporting Armira’s acquisition of Dutch manufacturer of special needs bicycles and tricycles Van Raam, sources told Reorg. Leverage levels were at about 4x, the sources added.
Armira valued Van Raam at between €160 million and €170 million, beating private equity firm Exponent in the race, sources said. The company was marketed off an EBITDA of about €15 million, the sources added. The deal therefore has a valuation multiple of about 11x.
Deals of companies in the healthcare equipment sector have an average EV/EBITDA multiple (pre-IFRS 16) of 11.87x, according to Reorg’s
Fundamentals transactions database.
Van Raam announced a strategic partnership with Armira to further the company’s domestic and international growth earlier this week.
ING was advising the shareholders of Van Raam on the deal, as
reported. The company’s shareholders are entrepreneurs Marjolein Boezel, her brother Jan-Willem Boezel, and their brother-in-law Ronald Ruesink.
Van Raam started producing adapted bicycles in 1986. In 2019, the company opened a showroom in Germany and in 2020 a factory in Poland.
The company employs 245 staff, according to its
website.
OLB declined to comment. Armira and Van Raam did not respond to requests for comment by time of publication.
– Lucía Camblor, Nick Krause