Altium advises Waterland on the acquisition of German clinic operator MEDIAN Kliniken

By on Oktober 17, 2014

Waterland Private Equity announced that it has acquired a majority stake in MEDIAN Kliniken, a German clinic operator of hospitals and rehabilitation facilities with more than 9,000 beds based in Berlin. Altium acted as exclusive debt advisor to Waterland Private Equity.

Under the terms of its agreement, Waterland Fund V will acquire the majority of MEDIAN. MEDIAN is being sold by Advent International, one of the leading global investors dedicated to private equity, and the pan-European investor Marcol. Both investors are selling their stakes completely. No other financial terms were disclosed and the transaction is subject to approval by the German Bundeskartellamt.

Waterland will implement its typical buy and build approach at MEDIAN. „We see MEDIAN as a very attractive platform with a strong position in different indications like neurology, with the particularly attractive private patient offering PREMIUM. Our goal is to accelerate additional growth at MEDIAN Kliniken by stepping up their PREMIUM concept,” says Dr. Carsten Rahlfs, Principal of Waterland and head of the Düsseldorf office. “In addition, we believe we can grow significantly through acquisitions in the acute-care sector and we have already identified several attractive clinic operators as potential additions,” comments Jörg Dreisow, Managing Principal of Waterland and responsible for the DACH region, underlining Waterland ́s buy and build approach.

The property of MEDIAN Kliniken will be sold to a US real estate investor in the coming months as part of a sale-and-lease-back agreement.

Altium provided debt advice to Waterland securing the financing for the acquisition. „It was a complex process as the structure needed to combine both the LBO financing as well as the sale-and-lease-back structure but we managed to be competitive on structure and timeline,“ says Dr. Johannes Schmittat, Managing Director of Altium.

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