PRAGUE, July 21 (Reuters) - European hospital and nursingbed maker LINET Group's shareholders will retain control of thecompany as it abandons a two-year search for a financialinvestor to help fund its expansion, it said on Sunday.
LINET hired JP Morgan in 2017 to help it find a financialpartner to aid its international expansion in order to bettercompete with larger U.S. and Japanese firms.
"In the end, the shareholders decided not to sell," LinetChief Executive and shareholder Zbynek Frolik said.
"LINET Group is growing organically at a much faster pacethan the global market. We have enough financial resources anddetermination to use and optimise our potential."
Frolik holds a 33% stake in LINET, which he founded in 1990.The company has grown into a global player with operations inmore than 100 countries.
A group of German shareholders hold a 50 percent share inthe Dutch-registered LINET Group, which includes German-basedbed manufacturer Wissner-Bosserhoff.
Sales topped 250 million euros ($280.50 million) in 2017 and287 million euros in fiscal year 2018. The company said saleswere on target to exceed 315 million euros this year.
Reuters reported last year that buyout groups such as Adventand CVC were among bidders for the company.
Linet said more than 30 groups had expressed interest.($1 = 0.8913 euros)(Reporting by Jason Hovet; Editing by Kirsten Donovan)