Medical equipment provider Althea sold to F2i and DWS

Private equity firm Permira had sold medical equipment service provider Althea to a consortium including Italian infrastructure fund F2i and infrastructure investment manager DWS Infrastructure after eight years of ownership.

Althea’s assets in the UK and Ireland were bought by DWS, while F2i acquired Althea’s assets in Italy and in 14 other countries.

Financial details of the transaction were not disclosed. A Reuters‘ source puts an enterprise value on the group at “well above” €1 billion.

Althea was established in 2014 through the combination of MESA in Switzerland and Asteral in the UK, followed by the IBSL Group and TBS in Italy. Today, Althea is a global independent medical equipment service provider handling 1.4 million medical devices in 2,700 healthcare facilities across 18 countries. The group has more than 3,000 employees.

A spokesperson from Candesic, which provided due diligence to DWS and its portfolio company Medipass, told HealthInvestor UK: “The timing of this acquisition is fortunate and enables Medipass to become a driver of democratising access to imaging as the NHS revolutionises diagnostics and care through the rollout of Diagnostic and Treatment Centres (DTCs).”

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

Rothschild & Co were financial, EY were accounting and Giliberti Triscornia e Associati legal advisors to Permira. Mediobanca were financial, PwC accounting and Clifford Chance and Pedersoli Studio Legale legal advisors to F2i and DWS. Candesic was commercial due diligence advisor to DWS and its portfolio company Medipass.

Date published: May 12, 2022

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