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Tunstall Healthcare finalises the acquisition of STT Condigi

Posted: 6/21/2012 4:21:07 PM

Tunstall Healthcare Group Limited, a leading telecare and telehealth provider based in the UK has announced today that it has finalised its acquisition of STT Condigi, a leading provider of technology and services to the elderly home care and nursing home markets in the Nordic region.  Kristoffer Axelsson, the current 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 and Finland 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 optimization, 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 completed the sale of STT Condigi to the Tunstall Group. The combined business will be able to continue providing innovative products and solutions to the Nordic countries and its customer base.

The completion of the deal is a very positive move that is good for our business, employees and our customers," said Kristoffer Axelsson, Chief Executive Officer of STT Condigi.  "With the joining together of Tunstall and STT Condigi we will now be able to offer world class monitoring software and centres into which our applications will add extra services for our combined customer base.

Gil Baldwin, Chief Executive Officer of Tunstall Healthcare commented

I am delighted that we have now closed the deal and we have been able to do this in a very short time span.  We will now be able to combine STT Condigi's strong track record of growth and innovation, along with Tunstall's leading market position and ensure Tunstall Healthcare remains number one in the Nordic countries.

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.

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