Bentley has bought its main supplier, the Switzerland-based Qmedics, Bentley has recently announced in a press release. It also announced its plan of initial public offering (IPO), which is planned for autumn/winter 2023/2024, depending on market conditions.
Qmedics manufactures approximately 80% of all balloon catheters used in conjunction with Bentley’s covered stents. Bentley, in turn, is responsible for about 70% of the Swiss company’s sales.
The acquisition, which was signed on 21 April and will come into effect on 3 July, will enable Bentley to secure the central supply chain for balloon catheters in the long term. In addition to balloon catheters, Qmedics has a complete portfolio of self-expanding stents for peripheral endovascular procedures. The acquisition of Qmedics thus represents an opportunity for Bentley to accelerate its expansion into the field of interventional radiology (IR).
Anita Patteet, CEO of Qmedics, said—”I am very pleased that the future of Qmedics is in good hands with Bentley. Together, we will certainly be able to celebrate further market successes.”
Sebastian Büchert, CEO at Bentley, said—”With the acquisition of Qmedics, we not only ensure the availability of one of our most important components, but at the same time complete our newly created product portfolio for [IR].”
Bentley’s planned IPO intends to be completed on the Swedish stock exchange, a part of Nasdaq Nordic, an offshoot of the US technology exchange Nasdaq. A Swedish holding company was set up for the upcoming IPO, which is temporarily called BeThundered AB. This holding company becomes 100% owner of both Bentley Innomed GmbH from Hechingen and Qmedics AG, which thus operates as Bentley’s sister company. The pre-IPO, the first step in an IPO, is scheduled for the summer 2023. The actual IPO is planned for the autumn/winter 2023/2024, depending on market conditions.
Bentley is also launching a €15million employee program to make all of its employees shareholders. Every employee has received a promise to receive shares worth around 400€ (±100€) per month of their affiliation with the company at the time of the IPO.
Büchert explained—“Bentley’s management is very pleased that the previous shareholders have agreed to give the Bentley staff this share gift. Our employees really deserve this for their great work over the past few years.”