August, 20 2009 – Advent International, the global private equity firm, and Marcol, the London based real estate private equity investor, today announced the joint acquisition of the leading independent rehabilitation care provider in Germany, MEDIAN. The Group which is headquartered in Berlin owns and operates rehabilitation and acute clinics in Germany and was founded by Dr. Erich Marx and Axel Steinwarz who sold their stakes. The value of the transaction was undisclosed and the acquisition is subject to merger approval.
Axel Steinwarz, one of the founders of MEDIAN, commented: "During our search for successors we have found two partners, Marcol and Advent International, who fulfil the prerequisites to navigate our forty year old company through an economically challenging time, into the future. They do not only have experience in the strategic development of large healthcare companies but are also able to provide the necessary financial resources. These are key factors in the transition of the company through generations."
MEDIAN is the largest private rehabilitation care provider in Germany, operating 27 clinics, with approximately 6,000 beds in 19 locations across Germany. MEDIAN’s founders have successfully developed the company over the last 40 years into a market leader by combining carefully selected clinic sites with strong management and skilled employees, building a solid reputation for its high-quality medical care.
Ralf Huep, Managing Partner in Advent International’s Frankfurt office, who led the investment for Advent said: “MEDIAN is well positioned in terms of its geographic presence and treatment focus and the company’s growth will be supported by demographic factors and by increasing referral rates from acute care to rehabilitation. As the German rehabilitation market is highly fragmented, we believe that in addition to organic growth, there will be excellent opportunities to explore add-on acquisitions which will further strengthen MEDIAN’s leading position in Germany.”
Terence Cole and Mark Steinberg, co-Founders of Marcol, who led the investment for Marcol commented: “Marcol’s constructive dialogue with the founders of MEDIAN Kliniken reinforced our views of the high standing and quality of the management, care and clinics. During this period, the personal relationship established with Dr. Erich Marx and Axel Steinwarz gave them confidence that the excellent services and integrity of the operation would be maintained by the purchasers. We are therefore delighted to partner with Advent International, whose reputation in the healthcare business and within Germany is of such high standing”.
Advent has been an active investor in the healthcare sector for the last 24 years. Most recently Advent acquired Craegmoor Healthcare, the UK’s largest independent provider of specialist care for adults and younger people in 2008. In 2005, Advent acquired Casa Reha, one of the largest German nursing home operators. Previous investments include the pharmaceutical generics businesses Viatris and Tropon, acquired from Degussa and Bayer, respectively.
Marcol Group, owned by Terence Cole and Mark Steinberg is a real estate and private equity corporation with pan-European interests ranging from care homes, residential, industrial, hotel, shopping centres, offices and Finance. The Group is an active investor, in all areas specialising in value creation from hands-on active asset management carried out by a very experienced team of in-house professionals from the finance, legal, banking and surveying sectors.
MEDIAN is the leading independent rehabilitation and acute care provider in Germany, operating 27 clinics across the country, with a particular focus on post-acute rehabilitation. MEDIAN’s main indications include neurology, orthopaedics, cardiology, psychosomatics, geriatrics, oncology, dermatology and pneumology. The company was found by Dr. Erich Marx and Axel Steinwarz with the first clinic built in 1972. For more information, visit www.median-kliniken.de.