STT Condigi, a leading provider of technology and services to the
elderly home care and nursing home markets in the Nordic region, has
announced today that it has entered into an agreement to be acquired by
Tunstall Healthcare Group Limited, a leading telecare and telehealth
provider based in the UK. Subject to the receipt of mandatory
competition clearances, the transaction is expected to close at the end
of February 2012. Kristoffer Axelsson, the STT Condigi CEO, will lead
the combined Nordic business. Financial details of the transaction were
not disclosed.
Headquartered in Malmo, Sweden STT Condigi has businesses in Sweden,
Denmark, Finland and Norway as well as a growing export division. STT
Condigi has been built from its suite of software services which are
provided to local authorities and providers of care in the community
which allow carer optimisation, mobile planning, activity reporting and
mobile alarm handling. In addition it offers a range of independent
living products as well as communications systems for nursing homes.
Torbjorn Olsson (Investment Manager), of the majority shareholder of STT
Condigi, the 6th AP Fund said, “We are delighted to have
negotiated the sale of STT Condigi with Tunstall Group. The two
companies complement each other well. We have been pleased with both STT
Condigi’s strong development and market position in the Nordics which we
believe will be of great benefit to Tunstall. In addition, the
management performance of STT Condigi has been excellent and we feel
they will enhance and strengthen the combined Tunstall/STT Nordic
business.”
“The decision by the board to join forces with Tunstall is a very
positive move that is good for our business, employees and our
customers,” said Kristoffer Axelsson, Chief Executive Officer of STT
Condigi. “Tunstall has over 50 years experience of innovation and a true
commitment to improving lives and enabling people to live more
independently, which is perfectly aligned with STT Condigi’s mission. By
joining with Tunstall, STT Condigi will have access to world class
monitoring software and centres into which our applications will add
extra services for our customers. In addition STT Condigi will have
unprecedented access to Tunstall’s engineering, manufacturing and
product portfolio as well as its global operating resources. This
transaction will allow STT Condigi to rapidly accelerate the scope of
our portfolio in both remote monitoring and call centre solutions
thereby benefiting our entire customer base.”
Gil Baldwin, Chief Executive Officer of Tunstall Healthcare commented:
“It is clear that STT Condigi will make a very positive addition to the
Tunstall Group. Our visions are aligned and we complement each other in
a number of areas. STT Condigi is a leading provider to our market and
has a set of products and services that will enhance our offering and
presence both within the Nordic countries and across the rest of the
Tunstall Group. STT Condigi brings a strong track record of growth and
innovation upon which we want to build. I am confident that together we
will accelerate our delivery of leading edge products and services to
our customers and all those who depend on us to live their lives as they
wish – with independence and dignity. We welcome Kristoffer and his team
to our Group”.
Castlegreen Partners served as financial adviser and Linklaters
Advokatbyrå Aktiebolag served as legal adviser to Tunstall. Danske Bank
acted as exclusive financial adviser and Mannheimer Swartling
Advokatbyrå Aktiebolag acted as legal adviser to the Shareholders of STT
Condigi in this transaction.
About Tunstall
Tunstall is a leading provider of telecare/telehealth solutions.
Operating in more than 30 countries and employing over 1,800 people,
Tunstall supports 2.5 million people around the world. Tunstall's
philosophy is simple - to protect, support and care for people - by
providing healthcare technology and services that enable anyone
requiring support and reassurance, such as older people or those with
long term needs, to lead an independent life with dignity and
reassurance.
Tunstall provides complete and fully-integrated telecare and telehealth
solutions for home, assisted living and specialist care environments,
hospital communication systems, associated support services, response
centre software systems and monitoring services.
More information is available at www.tunstall.co.uk.
About STT Condigi
STT Condigi is a leading Nordic supplier of systems for safe, efficient
care with a presence in the Nordics through wholly-owned subsidiaries
and in Europe via a well developed distribution network. For more than
30 years, the company has developed its own products and complete
solutions that streamline care work and provide care recipients with a
higher level of safety.
STT Condigi has a broad range of skills and offers safety solutions for
all types of residents, such as alarm systems for elderly residents in
their own homes or complete internal systems for sheltered
accommodation. We also offer ultra-modern equipment for alarm reception
and advanced administrative systems for more efficient care. Our aim is
both to increase safety for elderly and functionally-impaired people and
to improve work conditions for care personnel, while also making care
work more cost-effective.
STT Condigi has offices in Sweden (Malmö, Stockholm and Umeå), Denmark
(Århus), Finland (Tampere) and in Spain (Madrid) and has a turnover of
approximately 230 MSEK.
For more information, visit www.sttcondigi.com
