Private equity firm Stage Capital has sold STI Group for a 6x return on the original equity invested in the business five years ago.
STI Group, which develops and manufactures plastic medical devices for the healthcare industry, has been sold to a consortium of private equity firms Mérieux Développement and GIMV.
Stage Capital was spun out of Greek bank NBG in 2016 with backing from Goldman Sachs Asset Management and Glendower Capital, previously Deutsche Bank Private Equity.
It acquired STI Group in 2013 and under its ownership the business was transformed from a diversified moulding company into a medical devices business, with sales growing by 12% a year over the five-year period.
The sale of STI Group follows Stage Capital’s sale of marble producer Mermeren in 2017, which generated a 5x money return.
Graham Thomas, CEO of Stage Capital, said: “We are very pleased with this latest exit, which again demonstrates that we are well placed to deliver leading market returns for our investors. We are focused on developing our business in those areas and geographies where we have proven expertise, track record and are highly differentiated from the pack.”
Laurent Allégot, Partner of Stage and Chairman of STI Group’s Supervisory Board, added: “This transaction illustrates our know-how in leading the transformation of mid-sized companies and working closely with management teams to realise strong growth and value creation potential. We would like to congratulate the managers of STI Group for the tremendous job they have achieved.”