B-Flexion exits Affidea to GBL

Belgian investment firm Groupe Bruxelles Lambert (GBL) has bought Affidea, a Pan-European provider of diagnostic imaging, outpatient and cancer care services, from its current majority shareholder B-Flexion for approximately €1 billion.

With the acquisition, GBL plans to strengthen Affidea’s platform in its core markets as well as accelerate M&A into new, attractive and fragmented European markets, the company said.

B-Flexion has owned Affidea since 2014. Founded in 1991, Affidea today has 300 centers operating across 15 countries in Europe. The group entered the UK market in March 2021 with the acquisition of Fortius Clinic, a group of musculoskeletal (MSK) and orthopaedics centres in central London, and an outpatient centre in Northern Ireland.

Ian Gallienne, chief executive of GBL, commented: “Affidea is a continuation of GBL’s strategy to increase its exposure to majority-owned private companies operating in growing markets and underpinned by attractive secular trends.”

Michal Chalaczkiewicz, investment partner at GBL, added: “Affidea provides GBL exposure to highly-attractive healthcare verticals and geographies. We are delighted to become the custodian of the business in its next stage of development. In partnership with management, we will strive to accelerate organic growth, M&A and digital health programs.”

Giuseppe Recchi, chief executive of Affidea, commented: “I’m grateful to B-Flexion for their investment and support to the company since the start of their ownership in 2014 and since my appointment as chief executive in 2018. We have built a world-class organization, almost doubling the size of the business in the last 4 years, paving the way for new avenues of growth. I am pleased to have GBL as our partner, given their deep understanding of our business and long-term investment horizon.”

Stefan Meister, Vice-Chairman of B-Flexion, added: “It has been a privilege to work with Giuseppe and the whole Affidea team, and we are proud to have contributed to the Company’s incredible success over nearly ten years of ownership. The GBL team have impressed us with their track record of supporting high-quality companies. We are delighted to transition Affidea to GBL for the next phase of the Company’s growth.”

GBL has been advised by Citi, Bain & Company, EY and Kirkland & Ellis.

Goldman Sachs and Jefferies acted as financial advisors, PwC for finance and tax, and Latham & Watkins acted as legal counsel to B-Flexion.

The transaction is expected to be completed in the third quarter of 2022.

Date published: April 20, 2022

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