Global Leader

BSN Medical

A global leader in medical supplies

Healthcare
Germany
2006
Realised
40%

Sales growth

5

Strategic acquisitions

80%

EBITDA growth

A leading global producer of medical supplies, operating in three key segments: Traditional and Advanced Wound Care, Compression Therapy, and Orthopaedics. The company was founded in 2001 as a joint venture between Beiersdorf and Smith & Nephew and we originally carved out BSN Medical in 2006. We then reinvested as a minority shareholder until 2017.

A Montagu business

  • Clear market leader in each of its key markets with predictable demand
  • Well-diversified business model
  • Strong management team with a CEO keen to become independent

Realising full potential through innovation

During our first partnership with BSN Medical, the strategy was focused on driving both sales improvement and business efficiency.  During this time:

  • Sales grew by over 40% and EBITDA by 80%
  • 5 strategic acquisitions were completed, which accelerated expansion into new products, markets and distribution channels
  • Innovative products made up 20% of sales, compared with 3% at time of acquisition

Continuing the partnership

Due to our long-standing knowledge of BSN Medical, we were able to support the next phase of growth for the business as a minority investor between 2012 and 2017.  During this period:

  • BSN Medical expanded through further add-on acquisitions, which cemented its market position
  • Sales growth was enhanced by a focus on emerging and advance wound-care