Spain’s GED exits medical product supplier Sendal


Southern Europe-focused private equity firm GED has sold its stake in disposable medical product company Sendal Group to US-based Carefusion.

This is the first divestment by GED’s sixth lower fund, its first direct secondary fund with majority participation by international investors.

This fund was launched by GED in September 2012 and has to date yielded a return multiple of 2x. The recent exit from Sendal joins divestments from Corporación Dermoestética and Rioglass Solar, where the firm also achieved a “significant” return.

GED partner Enrique Centelles Satrústegui said, “We are very pleased with the result of our investment in Sendal and proud that an American multinational such as Carefusion views Sendal as a great opportunity. Once again it shows that the Spanish business sector has excellent, sound

companies, and great professionals, as is the case of Sendal. With our support, Sendal has established itself as an international reference in the sale of medical products.”

Since its foundation in 1977 Sendal operates in nearly 35 countries worldwide either via a subsidiary or through its global network of distributors. Some 50 per cent of sales are made abroad. The company closed the year 2012 with revenues of €24.5m and began operations in China in 2007 through a joint venture with one of the country’s largest manufacturers.

Founded in 1996, GED is one of the largest Iberian and Southeastern Europe private equity groups positioned in the lower mid-market. The group manages funds in excess of €350m through four vehicles.

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