Heinemann Medizintechnik sold a stake in its endoscopy business, comprising EMOS Technology, InnoView, ILO electronic, and Micon, to SHS Capital
We have advised G. Heinemann Medizintechnik GmbH (Heinemann Medizintechnik), a leading producer of ENT treatment units and diagnostic devices, on the sale of a stake in its endoscopy business (Endoscopy Group), comprising EMOS Technology GmbH (EMOS Technology), InnoView GmbH (InnoView), ILO electronic GmbH (ILO electronic), and Micon Medizintechnik GmbH (Micon), to SHS Gesellschaft für Beteiligungsmanagement mbH (SHS Capital).
The investment from SHS Capital provides a succession solution for Heinemann Medizintechnik’s owner, Frank Spillner, through a multi-stage concept that aims to further strengthen the group’s growth by unlocking additional potential in the OEM and distribution businesses.
The Endoscopy Group develops and manufactures high-quality, reusable flexible, rigid and semi-flexible endoscopes as well as camera and light systems and insufflators for a broad range of minimally invasive procedures, including ENT, urology, gynaecology, orthopaedics, laparoscopy, bronchoscopy, and veterinary medicine. All key value creation steps take place at modern sites in Germany. The group primarily supplies to international OEM customers and distributors, and distinguishes itself with strong technical expertise, continuous product innovation, and very high customer loyalty. The group’s customers are located across Europe, North America, Latin America, and Asia.
SHS Capital is a private equity provider founded in 1993 that invests in healthcare companies in Europe. The focus of the investments is on expansion financing, shareholder changes, and succession situations. ‘Building European Healthcare Champions’ is the investment philosophy according to which SHS Capital finances and develops portfolio companies. The Tübingen-based investor takes both minority and majority stakes. The national and international investors in SHS Capital’s funds include pension funds, funds of funds, foundations, family offices, strategic investors, entrepreneurs, and its management team. In its investment decisions, SHS Capital attaches great importance to the consideration of ESG aspects and has committed itself to the guidelines of the UN PRI. SHS Capital is currently investing from its sixth fund, which was launched in 2022 and has a volume of ca. € 270m.
Through the acquisition of the endoscopy and imaging specialists, consisting of EMOS Technology, InnoView, ILO electronic, and Micon, a platform with a broad product portfolio has been created under the leadership of Founder and Managing Director, Frank Spillner. With the entry of SHS Capital, the group is now set to grow even closer together and further strengthen its position as an integrated platform as well as one of the few European manufacturers of endoscopy systems with in-house development capabilities and a high degree of vertical integration. SHS Capital intends to accompany the endoscopy group as a growth partner in the coming years and support its development through growth initiatives focused on expanding relationships with existing customers, further internationalisation, and the development of additional products.
With SHS Capital, we have found a long-term-oriented partner with proven MedTech expertise, who understands our business model and shares our vision of an integrated endoscopy platform. The investment enables us to invest in innovation, manufacturing, and international market development while at the same time implementing a structured succession solution for the endoscopy business that actively preserves our DNA as a reliable, quality-leading ‘Made in Germany’ manufacturer. Throughout this complex process, the Clearwater team provided outstanding support. Their profound MedTech expertise, high level of commitment, and strategic navigation were instrumental in achieving this result. We felt exceptionally well-advised at every stage of the transaction.
It has been a privilege to advise Frank Spillner and Heinemann Medizintechnik on this transaction. This deal not only secures a sustainable succession but also positions the endoscopy platform to scale its ‘Made in Germany’ innovations globally and further strengthen the group’s position as a leading European manufacturer of endoscopy systems. We are confident that the partnership with SHS Capital will drive significant growth and technical advancement in the years to come.