European Healthcare M&A roundup – July
This is a roundup of the largest healthcare deals that happened in July. It clearly shows that healthcare investment activity has remained strong and dental practice consolidation is accelerating not only in the UK but also at a European level, especially in Poland.
In Sweden, the dental services supplier Dentalum announced it expands to the region of Västerbotten with the acquisition of dental clinic operator Skellefteå Tandvård’s two clinics. The group now consists of 26 clinics in nine regions in Sweden.
Dentalum’s pro forma revenue, including this acquisition, amounts to approximately SEK 407 million with an EBITDA of approximately SEK 106 million, according to a Dentalum press release.
The clinics offer dental care, implant surgery, and cosmetic treatments such as teeth whitening and orthodontic treatments with Invisalign.
The Polish medical clinic operator Enel-Med has bought Dental Nobile Clinic, a dental clinic located in Piaseczno near Warsaw for an undisclosed sum.
In 2021 Enel-Med reported a 10% increase in sales compared to the previous accounting year, achieving sales revenues of 441.1 million zł. The group focused primarily on the development of fee-for-service services, which resulted in a 29% increase in sales in this segment. The funds obtained in the amount of approximately 80 million zł from the issue of shares meant that Enel-Med, which has 20 clinics in Poland today, is planning a series of acquisitions in dentistry, aesthetic medicine and its Enel-care subscription care system clinic.
CET Polska was the M&A advisor to Dental Nobile Clinic and legal advisor was KM Partners. Kancelaria Radców Prawnych Bieluk i Partnerzy was legal advisor to Enel-Med.
Tar Heel Capital
Polish private equity firm Tar Heel Capital (THC) has acquired POZDENTAL, a dental centre for implantology, prosthetics and aesthetic dentistry in Poznan.
POZDENTAL has joined the Polish dental chain Grupa Dentity formed by the Tar Heel Capital fund. After the eighth investment in July, the network has 55 offices in 13 locations.
The value of the acquisition was not disclosed.
In the medical equipment space, private equity firm Halder has acquired a majority stake in CPM Group, a German medical equipment provider with a special focus on the dental sector.
Details of the transaction were not disclosed.
Belgian real estate company Cofinimmo has announced its plans to acquire 100% of the shares of a company that is currently developing a nursing and care home in Legazpi, in the autonomous community of Madrid for approximately €12 million.
The site is pre-let to Emera España, a top player in Spain’s nursing homes market.
Founded in 1987, the Emera Group has been managing nursing and care homes in France, Switzerland, Belgium, Luxembourg, Spain and Ireland. Today, it manages more than 80 nursing and care homes and nearly 9,400 beds, with an average of 90 to 100 beds per facility. It consists of nursing and care homes offering approximately 2,000 places in nine autonomous communities in Spain, as well as various projects in different stages of development.
A triple-net lease with a term of 12 years has been signed with Emera España.
Netherlands-based outpatient group Affidea earlier this month completed strategic acquisitions in three countries – Spain, Portugal and Romania. The deals, whose financial details were not disclosed, are adding seven new centres to Affidea’s network as part of its growth strategy.
In Portugal, Affidea acquired Clínica Nuno Álvares and Clínica de Santa Mafalda, two providers of advanced diagnostics and outpatient services in the municipality of Almada, greater Lisbon area.
In Spain, Affidea acquired the polyclinics Infanta Mercedes Medical Centre, El Mirador Polyclinic and Colmenar and in Romania the group completed the acquisition of two phoenix medical centres in Deva and Alba Iulia. The two clinics provide medical imaging services as well as consultations in various medical specialties.
With these additions, the Affidea network reaches 327 centres across Europe, working with over 11,000 professionals and seeing almost 12 million patients every year.
Finnish healthcare service provider Terveystalo continues to grow in well-being. It has acquired Kunnon Syke Oy for an undisclosed sum.
Founded in 1981, Kunnon Syke Oy offers physiotherapy, masseur, naprapathy, chiropractic, and podiatry services, as well as functional rehabilitation services. It employs 16 professionals across seven clinics and had a revenue of around €1.02 million in the financial year ended August 2021.
Kunnon Syke Oy staff will transfer to Terveystalo as former employees and operations will continue on the current premises.
Rupert’s investment vehicle Remgro and MSC Mediterranean Shipping have proposed a 504p per share takeover bid for Mediclinic International, a South Africa-based private healthcare services provider which last month rejected the consortium’s offer of 463 pence per share valuing the company at about £3.4 billion.
Mediclinic has also extended the deadline by which the consortium needs to announce a firm intention to make an offer for Mediclinic or to announce that it does not intend to make an offer to 4 August 2022.
Greek for-profit primary and secondary health provider Euromedica is merging with Errikos Dunan Hospital, owned by medical group Imithea SA. The deal aims to create one of the largest private healthcare groups in Greece.
The new healthcare group will employ over 2,700 staff, while it will have more than 1,000 beds across Greece, with the ability to serve over 120,000 cases a year. In primary care, the group’s network will be able to serve over one million visits per year through a network of 3,500 doctors nationwide.
Financial details were not disclosed and the merger still has to be approved by the competition authority.
Dutch luxury care homes and elderly care providers Domus Magnus and Valuas Zorggroep are joining forces. The new organization will have 30 small-scale houses spread across the Netherlands.
Financial details were not disclosed.
The Pan-European private equity firm Peninsula Capital has acquired aesthetic clinics operator WM Clinics (Dorsia) from vendors Capza and Nexxus for €140 million according to El Economista.
Arcano, KPMG, PwC, PérezLlorca and Herbert Smith Freehills advised on the transaction.
In France, the veterinary clinic operator Vet Canine has been sold by Metavet to its domestic competitor UniVet for an undisclosed sum, according to a newswire.
Capital Finance reported that the UniVet is supported by Eight Advisory and Agilys. The vendor is advised by BNP Paribas Corporate Finance, EY, Lamartine Conseil and Legasphere.
Vet Canine operates 13 clinics in Bourgogne-Franche-Comte and Ile-de-France.
In the US now, Amazon and One Medical announced they are merging in a mega-deal. Amazon will acquire One Medical for $18 per share in an all-cash transaction valued at approximately $3.9 billion, including One Medical’s net debt. Completion of the transaction is subject to customary closing conditions, including approval by One Medical’s shareholders and regulatory approval. On completion, Amir Dan Rubin will remain as chief executive of One Medical.
Telehealth saw some interesting fundraising activity taking place in July.
Swedish telehealth platform Kry raised $160 million in a funding round with participation from Teachers’ Venture Growth (TVG, part of Ontario Teachers’ Pension Plan), P Capital Partners, Index Ventures, Accel, Creandum and Project A.
Also, in Italy Unobravo, a mental health platform has raised a €17 million Series A led by Insight Partners, a New York-based venture capital and private equity firm. Angel investors also participated, including Thomas Plantenga, CEO & Founder of Vinted, Olivier Bonnet, CTO of BlablaCar, Rika Christanto, ex-co-founder of OnTruck and currently COO of Idoven, and others.
The funding will be used to further accelerate Unobravo’s growth trajectory and expand internationally while maintaining clinical quality and growing its therapist base to the north of 3,000 in the next year. The company will also double down on building world-class technology to scale up the patient and provider experience.