Transaction Details

October 16, 2014
Frankfurt

Sector

Healthcare

Deal Type

Debt advisory

Deal Value

N/D

Deal Team

Dr Johannes Schmittat, Gerd Bieding

Acquisition of MEDIAN Kliniken by Waterland

Waterland Private Equity today announced that it has acquired a majority stake in MEDIAN Kliniken, a German clinic operator of hospitals and rehabilitation facilities with more than 9,000 beds based in Berlin. GCA Altium acted as exclusive debt advisor to Waterland Private Equity.

Under the terms of its agreement, Waterland Fund V will acquire the majority of MEDIAN. MEDIAN is being sold by Advent International, one of the leading global investors dedicated to private equity, and the pan-European investor Marcol. Both investors are selling their stakes completely. No other financial terms were disclosed.

Waterland will implement its typical buy and build approach at MEDIAN. "We see MEDIAN as a very attractive platform with a strong position in different indications like neurology, with the particularly attractive private patient offering PREMIUM. Our goal is to accelerate additional growth at MEDIAN Kliniken by stepping up their PREMIUM concept,” said Dr. Carsten Rahlfs, Principal of Waterland and head of the Düsseldorf office. “In addition, we believe we can grow significantly through acquisitions in the acute-care sector and we have already identified several attractive clinic operators as potential additions,” commented Jörg Dreisow, Managing Principal of Waterland and responsible for the DACH region, underlining Waterland's buy and build approach.

The property of MEDIAN Kliniken was sold to a US real estate investor as part of a sale-and-lease-back agreement.

GCA Altium provided debt advice to Waterland securing the financing for the acquisition. "It was a complex process as the structure needed to combine both the LBO financing as well as the sale-and-lease-back structure but we managed to be competitive on structure and timeline," said Dr. Johannes Schmittat, Managing Director of GCA Altium.

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