PRAGUE, July 21 (Reuters) - European hospital and nursing bed maker LINET Group’s shareholders will retain control of the company as it abandons a two-year search for a financial investor to help fund its expansion, it said on Sunday.
LINET hired JP Morgan in 2017 to help it find a financial partner to aid its international expansion in order to better compete with larger U.S. and Japanese firms.
“In the end, the shareholders decided not to sell,” Linet Chief Executive and shareholder Zbynek Frolik said.
“LINET Group is growing organically at a much faster pace than the global market. We have enough financial resources and determination to use and optimise our potential.”
Frolik holds a 33% stake in LINET, which he founded in 1990. The company has grown into a global player with operations in more than 100 countries.
A group of German shareholders hold a 50 percent share in the Dutch-registered LINET Group, which includes German-based bed manufacturer Wissner-Bosserhoff.
Sales topped 250 million euros ($280.50 million) in 2017 and 287 million euros in fiscal year 2018. The company said sales were on target to exceed 315 million euros this year.
Reuters reported last year that buyout groups such as Advent and CVC were among bidders for the company.
Linet said more than 30 groups had expressed interest. ($1 = 0.8913 euros) (Reporting by Jason Hovet; Editing by Kirsten Donovan)