From WIBO to LINET Group SE – Strategic transformation of the successful family firm
Dordrecht, November 11, 2011 – Medica 2011 is of particular relevance for WIBO:
For the first time the organization appears in its new corporate structure as LINET Group SE. In addition, results of the most successful year in company history, and – in good tradition – innovative products and service solutions to generate future growth will be announced.
New corporate structure under LINET Group SE
For twenty years, the wissner-bosserhoff group and the Linet group have been aligned in close partnership. So far WIBO holding GmbH led the family firm and consolidated the concern’s results. However, due to a complex shareholder structure not all potential synergies have been fully utilized in the past. In order to continue achieving ambitious growth targets in the future, and to be ready to drive market change, the shareholders have therefore decided to fully integrate both businesses.
As a result LINET Group SE, located in the Netherlands, has been established as the new corporate holding by the two partners, WIBO holding and Linet Holding, which now equally share all opportunities and risks of the business. Mr. Zbynek Frolik and Dr. Michael Rosada have been appointed as managing directors of LINET Group SE; Mr. Gerhard Schulze, a senior manager with substantial business experience, has been elected to chair the supervisory board.
LINET Group is not only a truly European enterprise with a German-Czech shareholder structure and a corporate headquarters in the Netherlands; on top its formation as “Societas Europaea” (SE) creates a corporate governance environment which combines the strengths of a family firm with potential advantages of a capital market oriented legal form. “The strategic transformation of our group will improve flexibility, quality and speed in all dimensions of our go-to-market approach. Our customers will benefit from various synergies due to the full integration of our business and experience the strength of our well-known brands wissner-bosserhoff and LINET”, Frolik and Rosada are convinced. This new chapter in the successful development of the group has just been opened.
Significant growth in 2010/2011
The concern was able to take advantage of favorable macroeconomic conditions during its latest business year with closing date March 31. On the one hand the recovery of important European core markets led to a better investment climate in the hospital and nursing home business segments contributing to the company’s performance; on the other hand achieving above average revenue growth of 15.7% was driven by market share gains. With a total revenue of 126,6 mill. EUR, the group has dynamically enlarged its leading market position among European providers of beds, furniture and service solutions to institutional customers in the hospital and nursing home sector. Nearly 66,000 sophisticated hospital and nursing home beds have been manufactured in two plants, Slaný and Wickede; through its own daughter companies as well as dedicated distribution partners these beds have been marketed worldwide. While Europe still is the dominant sales region, the concern has now served customers in more than 100 countries.
Last year revenue growth has again been translated into profit enhancement, and the equity ratio for the group has been increased to more than 70%. “We are looking back on the most successful year in our company history. Our strategy to create sustainable product advantages by combining innovative technologies with elegant design has been rewarded by our customers and their confidence in the performance of our solutions”, Rosada summarizes the positive business development in 2010/2011.
Cautious outlook on 2011/2012
In the last couple of months macroeconomic perspectives have worsened significantly, impacting the investment climate in the health care sector unfavorably. Cost cutting efforts and liquidity shortages are leading to increasing delays regarding the execution of purchasing decisions especially in Southern European countries. Nevertheless, the concern has closed the first six months of this business year satisfactorily. Especially multicare, the new premium hospital bed for intensive care, and the enhanced version of the low bed sentida have been well received by the markets. Although the outlook for the second half of the year is definitely positive, the huge uncertainty resulting from macroeconomic risks limits the validity of a forecast. However, today revenue growth in the upper single-digits seems to be achievable.
LINET Group SE at a glance
The concern is a leading provider of innovative high quality beds, mattresses, furniture and complete service solutions to hospitals, nursing and retirement homes. To generate organic growth, the group focuses on customer-oriented product development based upon excellence in combining technology and design capabilities, and efficient production and material management processes. The medium-sized family firm is managed by LINET Group SE, seated in Dordrecht, Netherlands. With two production sites in Wickede and Slaný, sales companies in Europe and in the US and more than 800 employees, customers in over 100 countries worldwide are served.