DC Advisory advises Näder Holding on the amendment and extension of its €1.1bn debt financing

Background

• Näder Holding (Näder) is a management and investment holding company owned by the Näder family, led by Professor Hans Georg Näder. Ottobock is the primary asset in the Näder portfolio
• Founded in 1919, Ottobock is a global provider of wearable human bionics and related patient‑care services. The business operates more than 400 patient‑care centres globally, offering a range of prosthetics, orthotics, neuromobility solutions and associated services. Its mission is to support improved mobility and quality of life for patients
• In 2024, DC Advisory acted as lead advisor (alongside Goldman Sachs and Deutsche Bank) to Näder on the raising of a €1.1bn financing package to, inter alia, fund the buyback of a 20% minority stake in Ottobock held by the private equity firm, EQT
  

Process

• DC Advisory was appointed as the exclusive financial advisor by Näder to provide advice on its refinancing strategy
• In view of Ottobock’s impressive performance and improved borrowing conditions, DC Advisory was appointed in 2025 to secure improved financing terms and an enhanced capital structure ahead of Ottobock’s planned IPO, which ultimately was consummated on 9th October 2025
• DC Advisory led the transaction from beginning to completion and assisted with the formulation of financing objectives, leveraged relationships with existing lenders, and negotiated on the commercial aspects of the transaction
• DC Advisory coordinated its approach with the IPO advisor, Lilja & Co, to ensure the commercial outcome aligned with Ottobock’s post-IPO capital structure
• This process enabled Näder to achieve all of its financing objectives in an efficient manner by engaging incumbent lenders to support future growth
  

Outcome

• The transaction closed in September 2025
• DC Advisory delivered a successful outcome for Näder, securing an amendment and extension of the existing €1.1bn financing package from the incumbent lending consortium, consisting of funds managed by Carlyle, KKR, Hayfin, and Macquarie
• The financing was completed ahead of the IPO and secured Näder Holding’s capital structure for the medium term, irrespective of whether the IPO proceeded
• In addition, the new financing package provides Näder Holding with a significant reduction in its cost of capital and increased flexibility, with a commitment by lenders for the medium-term
• This transaction further demonstrates DC Advisory’s expertise in capital structure advisory and its capabilities in transactions of both scale and complexity