FRANKFURT and LONDON, 16 October 2014 – Advent International, one of the largest and most experienced firms dedicated solely to private equity, and London headquartered pan-European investor MARCOL, today announced that they have signed an agreement to sell MEDIAN Kliniken (MEDIAN) to Waterland. MEDIAN is a leading independent rehabilitation care provider in Germany. Waterland is a leading private equity firm with a particular focus on buy-and-build and growth investments. The transaction is subject to antitrust approval. The purchase price has not been disclosed.
Marcol Healthcare, part of MARCOL, and funds advised by Advent acquired MEDIAN from its founders in 2009. Since then, Advent and MARCOL have supported MEDIAN in its regional expansion, in diversifying the Group’s therapy range and in strengthening its position in the German rehabilitation market. Since the introduction of per-case payments for hospital stays, the importance of post-acute care has increased steadily in the German healthcare system.
Over the past five years, MEDIAN has acquired 18 clinics and invested more than EUR 100 million in the modernisation of its existing facilities. The focus at all times has been on providing the highest-quality post-acute rehabilitation. Between 2009 and 2014, the Group increased the number of clinics from 27 to 45 and the number of beds from 6,300 to 9,500. The number of employees grew from approximately 3,700 to about 7,500. Today, MEDIAN has developed a nationwide presence in Germany and is one of the partners of choice for hospitals and payors. For the Full Year 2014, the Group expects revenues of approximately EUR 500 million (2009: EUR 270 million).
Dr. Carsten Rahlfs, Principal of Waterland, commented: “MEDIAN is an impressive company with an excellent reputation in post-acute rehabilitation. At the same time, we have deep knowledge of the German healthcare sector, having been active as an investor in this market for many years. We will support MEDIAN in expanding its medical-therapeutic offering and ensuring high-quality treatment for patients at even more locations.”
With the support of MARCOL and Advent, as well as the management team led by CEO Hartmut Hain, MEDIAN has significantly enhanced its offerings in the rehabilitation sector. For example, MEDIAN has invested in its clinics in Berlin-Grünheide and Magdeburg as part of the expansion of existing neurological specialist clinics. The Group also expanded its partnerships with leading medical institutions, including the Berlin Charité, amongst others. MEDIAN also established a partnership with the German Ski Association (DSV) to treat its professional athletes.
“We thank Advent and MARCOL for supporting the expansion of MEDIAN and for their constructive cooperation in further diversifying our therapeutic offering,” said Hartmut Hain, CEO of MEDIAN. “We are in an excellent position to continue developing our offerings and provide patients with the highest quality therapies. This also refers to our new premium offering, through which we have entered a new segment and are able to support more patients.”
Holger Schnoes, Director at Advent International in Frankfurt, said: “We would like to thank the MEDIAN management team and employees for their dedication to building a successful company and providing the highest quality medical service to patients and payors. They have combined MEDIAN’s historically strong competencies in the field of post-acute rehabilitation with new and innovative offerings. We believe MEDIAN now has an even stronger profile and is well-positioned to enter the next phase of its development.”
A spokesman for the sellers from Terence Cole and Mark Steinberg’s MARCOL in London added: “Whilst we are delighted with the sale after five years of ownership, enhancing and improving the business, Waterland has acquired in MEDIAN an extremely strong company with a leading position and a highly qualified and motivated management team who we have no doubt will lead the business going forward with its expansion plans. We wish both MEDIAN and Waterland every success”.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global investors dedicated solely to private equity. Since inception, the firm has invested in more than 290 buyout transactions in 39 countries and today has approximately €23 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 170 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on growth and traditional buyout and strategic repositioning transactions across five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. After 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for portfolio companies.
For more information, visit
adventinternational.com
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About MARCOL
MARCOL, formed in 1976 by partners Terence Cole and Mark Steinberg, is a pan-European investor with a portfolio of approximately €3bn, with interest in Finance, Real Estate, Health Care, Retail, and Hotels. MARCOL’s investment strategy includes both backing committed entrepreneurs in launching their newly established ventures, and supporting existing businesses and their owners and managers in expanding their businesses.
Whilst open to opportunities wherever they can be established, MARCOL focuses on sectors where it has proven expertise and track record in the UK and across Western and Central Europe. MARCOL continuously seeks investment opportunities where growth potential can be sustained and enhanced by investment and active management. MARCOL also has considerable restructuring and work-out experience with businesses in a number of countries across Europe helping owners and their existing financiers to preserve and recover value.
Employing a core team of over 100 investment professionals collaborating across its investment disciplines, MARCOL has offices in London, Luxembourg, Paris and Hamburg operating and managing investments throughout Europe. MARCOL’s real estate investments in the UK include the Design Centre, Chelsea Harbour and the iconic Royal Exchange building in the heart of the City of London.
For more information, visit
www.marcol.com
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About MEDIAN Kliniken
In the field of post-acute care and rehabilitation, MEDIAN Kliniken with its 7,500 employees is one of the leading clinics in Germany. MEDIAN Kliniken is headquartered in Berlin and operates 45 clinics nationwide with 9,500 beds, specialising in neurologic, cardiologic, psychosomatic and orthopaedic rehabilitation. In addition to its highly-specialised rehabilitation clinics, MEDIAN Kliniken also manages specialty hospitals and care facilities. In 2013, MEDIAN Kliniken treated the most rehabilitation patients (127,000) with the highest number of patient days (2.9 million) nationwide. MEDIAN Kliniken has been a reliable partner for insurance providers, payors (statutory and private) as well as direct payors (national and international) for over 40 years. The Group invests to great detail and most sustainably into its clinics and meets with its new offering MEDIAN Premium also the highest expectations in terms of comfort.
For more information, visit
www.median-kliniken.de/en/
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About Waterland Private Equity
Waterland Private Equity Investments is an independent private equity company that assists entrepreneurs in the realization of their growth ambitions. Waterland actively supports the growth strategies that are developed together with the companies’ management teams. Waterland has now invested in more than 300 businesses to date. The equity that Waterland currently manages is €2.5 billion. Waterland has offices in Belgium (Antwerp), the Netherlands (Bussum), Germany (Düsseldorf and Munich) and Poland (Warsaw).
For more information, visit
www.waterland.nu/en/home/
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