The shares in HoverTech have been transferred to Etac as of June 26. Nordstjernan was founded in 1890 and the company’s major shareholders are the Axel and Margaret Ax:son Johnson Foundations. Nordstjernan has a long tradition as an active shareholder in listed and private companies. Nordstjernan has in recent years actively invested in the care, healthcare and medtech sector, and today holdings within this sector account for almost 20 percent of Nordstjernan’s net asset value. Together with Etac we look forward to continue our growth journey and expand internationally and take HoverTech to the next level”, says Dave Davis, founder and CEO of HoverTech. Nordstjernan and Etac have a long term growth oriented focus which is a great fit with HoverTech. “We are very pleased to have Etac and thereby Nordstjernan as the majority shareholder in HoverTech. The substantial cross sales potential strengthens Etac’s global position as a supplier of patient handling equipment”, says Etac’s chairman Nora Larssen. It represents much greater exposure toward the US and creates a platform to accelerate growth in the region. “The investment in HoverTech is a game-changer for Etac. As a result of the acquisition, Etac is aspiring to become Nordstjernan’s largest single holding”, says Nordstjernan’s CEO Peter Hofvenstam. “The investment in HoverTech represents an acceleration of Etac’s growth and is in line with Nordstjernan’s ambition to create and further develop qualitative companies in healthcare and medtech. The company is owned by its founder Dave Davis and family, and is based in Allentown, Pennsylvania. The company’s sales in 2018 totalled approximately USD 100 million. HoverTech is a US leader in air-assisted patient handling technologies, focusing on devices for lateral transfer and repositioning. The head office is located in Sweden with manufacturing and R&D units in Europe and North America. Etac’s products include manual wheelchairs, patient handling equipment, bathing and toileting aids, pressure care products as well as a specialized range of mobility equipment for children and adolescents. Etac’s sales in 2018 amounted to approximately SEK 1,750 million and the company has just over 900 employees. The investment strengthens Etac’s global position and will create a strong platform for further growth in Europe, the US and important export markets.Įtac is a global supplier of mobility equipment and solutions used in home care, long term care and acute care. Nordstjernan’s wholly-owned subsidiary Etac has made an investment in 70 percent of the shares in the US company HoverTech International (“HoverTech”).
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