Wallenbergs buy Gothenburg health company

The powerful Wallenberg family's holding company Investor and investment bank Morgan Stanley have bought Swedish company Mölnlycke Healthcare.

Mölnlycke produces healthcare products such as bandages and disposable products for use in operations. The company is being sold for €2.85 billion, nearly 26 billion kronor. The seller is venture capital company Apax Partners.

Gothenburg-based Mölnlycke had a turnover of €760 million (6.9 billion kronor) last year, and had an operating profit before write-downs of around €230 million (2.1 billion kronor).

The deal will mainly be financed through external loans. Mölnlycke will be owned by a holding company in which Investor and Morgan Stanley own equal shares.

Mölnlycke’s management team will be minority shareholders of the company.