The private shareholders of Whitestone Acquisition Corp. have sold the company to PAUL HARTMANN AG (HARTMANN). Financial details have not been disclosed.
HARTMANN, headquartered in Heidenheim, Germany, is a worldwide leader in wound management, incontinence management and risk prevention products in the operating room. Together with the existing US subsidiary, HARTMANN-Conco, Inc. in Rock Hill, South Carolina, HARTMANN consolidates its position in the nursing home and home care sector, the most important market for incontinence products. With this acquisition, the USA will become the third largest market for HARTMANN after Germany and France. The company also sees great opportunities for the establishment of system solutions for inpatient and outpatient care.
Whitestone Acquisition Corp., based in Bloomington, Indiana, is a manufacturer of high-quality adult disposable incontinence products such as briefs, liners and underpads. Formed in 1995, Whitestone annually produces and distributes products for over US$40 million. The corporation primarily serves the institutional long-term care and healthcare markets, markets which are growing 7% a year due to demographic trends.
Oaklins' team in Germany advised HARTMANN on the acquisition of Whitestone Acquisition Corp.
Dr. Wolfgang Neumann on PAUL HARTMANN’s Management Board commented: “Working with Oaklins' team in Germany gives us the unique opportunity to have an efficient link to a centralized contact, whilst also having access to a large pool of country specific know-how via other Oaklins local experts. The service quality has always been very high and extremely homogeneous throughout the organization. One literally feels the entrepreneurial spirit of the local teams every day.”
Dr. Florian von Alten
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