October 27, 2023

Bentley Endovascular Group AB brings on-board Keensight Capital, A.P. Moller Holding, and Bonit Capital as new investors

  • Keensight Capital (“Keensight”) invests in Bentley Endovascular Group AB (“Bentley” or “the Group”) alongside A.P. Moller Holding and Swedish family office Bonit Capital.
  • The investment companies acquire a minority stake with the Sunnanväder founding family remaining the majority shareholder; Annika Sunnanväder appointed Chairperson of the Board of Directors.
  • The investment is an important milestone for Bentley’s international expansion plan and IPO preparation.

Stockholm, Sweden Oct. 27, 2023. +++ Bentley, the European market leader for covered stents, brings on-board Keensight Capital, A.P. Moller Holding, and Bonit Capital as investors. The new investors will support the go-to-market strategy for the US market and the IPO preparation process. The founders and management retain control and still hold the majority of the capital and the votes in the Swedish holding company Bentley Endovascular Group AB. Annika Sunnanväder, daughter of co-founder and major shareholder Lars Sunnanväder, is appointed Chairperson of the Board of Directors. The purchase price was agreed to be kept confidential.

Headquartered in Stockholm, Sweden, Bentley Endovascular Group AB controls its key subsidiary Bentley InnoMed GmbH and Qmedics AG. Bentley InnoMed GmbH develops, manufactures, and markets implants and catheters for the endovascular treatment of peripheral vascular and aortic. The company ranks among the world-leading manufacturers within its respective product areas. Qmedics AG specializes in dilatation balloons and acts as a key supplier of essential components for Bentley InnoMed GmbH. During the last five years, Bentley InnoMed GmbH increased its sales by more than 20% per annum, simultaneously achieving strong profitability.

Bentley is known all over the world for its highly recognized devices and best-in-class customer service combined with consistent product innovation. Their high-end medical devices are a key to better patient care and better treatment of vascular diseases. The Group strives to provide an attractive range of trusted products and outstanding services for the endovascular treatment of aortic and peripheral vascular disease. Bentley’s strategy aims at healthy and profitable growth. The Group has identified a significant future growth opportunity in entering the US market in addition to a noticeable potential in complementary acquisitions and better leveraging its existing marketing and sales network.

Keensight Capital, A.P. Moller Holding, and Bonit Capital will support Bentley’s team, led by CEO Sebastian Buechert, in its next phase of growth. They will support the Group, notably by helping it expand its geographical footprint, reinforce its offering, and prepare for its incoming IPO process. As a lead investor, Keensight expects to be able to leverage its extensive healthcare knowledge, expertise, and network in the medical devices industry in order to achieve these goals.

Annika Sunnanväder, long-time board member and newly appointed chairperson of the Board of Directors in Bentley Endovascular Group AB says:
“I’m looking forward to my new role and take pride in contributing to the further development of the company, both on the product side and by entering the huge US market. At the same time, it is our intention, as the founding family, to keep the majority holding in the Group. We are convinced about the future prospects of Bentley and the opportunities that lie ahead of us.”

For Sebastian Buechert, CEO of Bentley Endovascular Group AB, the transaction is a stepping stone in business development:
“Bentley’s entrepreneurial team has put us in the position as the European market leader in covered stents substituting open vascular surgery. Besides, our growth is supported by the mega trend of an ageing population that increasingly requires treatment of aortic and peripheral diseases. So we are delighted to have Keensight Capital join us on our growth journey and support us in our go-to-market strategy, notably in the US. Likewise, we are enthused to have A.P. Moller Holding and Bonit Capital on board in the pre-IPO. It’s great to find such a great esteem within the financial community for our innovation-driven business and the achievements of our employees. The continued strong position of the founders will secure our position as an independent and long-term oriented player.”

James Mitchell, Partner at Keensight Capital, comments:
“Bentley’s positioning as a leading provider of balloon-expandable covered stents perfectly fits our strategy of investing in highly profitable, fast-growing leaders in niche segments. We are impressed by Bentley’s seasoned and committed management team, its strong financial track record and its proven business model. The “Bentley style” of doing business differentiates the company and sets it apart from traditional MedTech players. We are looking forward to being part of the next growth stage and leveraging our network and capacities to support Bentley in their international expansion, especially when entering the US.”

Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, adds:
“We are delighted to partner with Bentley, a market leader in covered stents that is driving and benefitting from the secular shift from open invasive surgery to minimally invasive endovascular treatment. Bentley is widely recognized for its strong suite of products by cardiologists, (endo-)vascular surgeons and interventional radiologists.”

Hugo Mörse, Partner, Bonit Capital concludes:
“As a family office with a background in the life science and med-tech industry and a long-term investment focus we are excited to partner with Bentley. We invest in people and entrepreneurs and we are convinced that the Bentley team has the capacity and drive to continue their successful growth journey in an attractive niche market.”

Carlsquare acted as financial advisor to the company and Delphi and Friedrich Graf von Westphalen & Partner acted as legal advisors.

About Bentley Endovascular Group AB

The medical technology holding company Bentley Endovascular Group AB, headquartered in Stockholm, Sweden, controls its German subsidiary Bentley InnoMed GmbH, as well as Qmedics AG, based in Switzerland. Founded in 2009 by Lars Sunnanväder and Miko Obradovic, Bentley InnoMed GmbH is based in the medical technology stronghold of Hechingen in Baden-Wurttemberg, Germany. The company develops, manufactures, and markets implants and catheters for the endovascular treatment of peripheral vascular and aortic diseases. The company has since then become a leading global manufacturer and the European market leader for covered stents. Acquired in 2023, Qmedics AG is a Swiss specialist in balloon catheters and key supplier to Bentley. In 2022, Bentley InnoMed GmbH, contributing the large part to Group sales, generated sales revenue of approx. EUR 69 million. The Group is on a path of strong but profitable growth based on its product innovations and the development of new markets. Bentley’s products are distributed in more than 80 countries worldwide with more than 400 employees committed to a strong culture of innovation driving the business. The Group is majority owned by the founders, with a minority stake owned by lead investor Keensight Capital alongside A.P. Moller Holding and Bonit Capital. It is an integral part of the Group’s strategy to secure independence as a sustainable organization and self-challenging market leader through healthy organic and inorganic growth.
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About Keensight Capital

Keensight Capital (“Keensight”), one of the leading European Growth Buyout firms, is committed to supporting entrepreneurs as they implement their growth strategies. For over 20 years, Keensight Capital’s team of seasoned professionals has leveraged their knowledge of investment and growth industries to invest for the long term in profitable companies with high growth potential and revenues in the range of €10 million to €400 million. Drawing on its expertise in the Technology and Healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams to develop and achieve their strategic vision. Keensight Capital's success has also earned it a Gold Award from the Private Equity Exchange & Awards each year for the last six consecutive years, and in particular, the Best European Growth Private Equity Fund.
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About A.P. Moller Holding

A.P. Moller Holding is a privately held investment company based in Denmark with approximately USD 30 billion under management. It is the investment arm of the A. P. Moller Foundation and the parent company of the A.P. Moller Group, investing in and building businesses with a positive impact on society – “nyttig virksomhed”. We invest behind opportunities in key megatrends where our deep sectoral knowledge, operational expertise, and long-term capital base can help companies realize their full potential. A.P. Moller Holding aspires to generate long-term shareholder and societal value through engaged ownership by leveraging its global networks and insights derived from 100+ years of entrepreneurship and business building.
For more information, please visit

About Bonit Capital

Bonit Capital is a Swedish family-owned investment company with emphasis on the healthcare sector. Bonit Capital invest across sectors and asset classes, including social investments and outcome models.
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Contact for further information:

Bentley Endovascular Group AB

Jenny Rosberg
Investor Relations Schweden
Bentley Endovascular Group AB
Phone +46 70 747 27 41

Stephan Haas
Corporate Communications
Bentley Endovascular Group AB
Phone +49 7471 98499 5691
Mobile +49 151 14124552

Keensight Capital

Investor Relations
Phone +33 (0)1 83 79 97 15

H/Advisors for Keensight Capital

David Stürken
Phone +44 (0) 799 059 5913

Important information

This press release is not an offer to subscribe for or otherwise acquire shares or other financial instruments in Bentley.

The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act (“Securities Act“) in effect at any time and, therefore, may not be offered or sold in the United States without registration or in accordance with an exemption from the registration requirements of the Securities Act or securities laws of the relevant state. Bentley does not intend to register any offering in the United States or to make any offer of securities in the United States. This press release will not be distributed in, and shall not be sent to, the United States. The securities described herein have also not been registered, and will not be registered, under applicable securities laws in Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland, or South Africa and may not, except as permitted by certain exemptions, be offered or sold within or into, or for the account or benefit of, any person having a registered address in, or who is located or resident in, Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland, or South Africa. No offer of the securities described herein will be made in Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland, or South Africa.

The subjects addressed in this press release may include forward-looking statements. Such statements are all statements that do not relate to historical facts and include expressions such as “intends,” “expects,” “may,” “plans,” “estimates,” “calculates,” and similar expressions. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on additional assumptions. Although Bentley believes these assumptions were reasonable when made, such forward-looking statements are subject to known and unknown risks, uncertainties, contingencies, and other significant factors that are difficult or impossible to predict and are beyond Bentley’s control. Such risks, uncertainties, contingencies, and significant factors may cause the actual results to differ materially from those expressly or implicitly stated in this communication through the forward-looking statements. The information, opinions, and forward-looking statements in this press release are only valid as of the date of this press release and may change without notice. Bentley does not undertake any obligation to review, update, confirm, or disclose any revised views on the forward-looking statements in order to reflect events or circumstances that arise in relation to the content of this communication.


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