Advent sells Median Kliniken to Waterland

The deal values Median Kliniken at around €1bn, including debt.

Waterland, which used its fifth fund to make the purchase, stated it would be expanding Median's medical and therapeutic offering and opening new clinics via a buy-and-build strategy. It has already identified several clinic operators it hopes to acquire. The Dutch firm also intends to expand Median's private patient offering.

Median's property will be sold to a US real estate investor in the coming months as part of a sale-and-lease-back agreement, said Waterland.

According to reports earlier this month, Median Kliniken was set to go to a private equity company after hospital groups were not picked to be among final bidders.

Waterland acquired Median Kliniken competitor RHM Kliniken, based in Deidesheim, in May 2011. The company operates rehabilitation clinics, specialised acute clinics and care homes across 10 sites in Germany.

Previous funding
Advent and Marcol acquired Median from founders Erich Marz and Axel Steinwarz in August 2009. At the time, Advent stated it hoped to bolt on additional assets in the highly fragmented rehabilitation market. In August this year, Median acquired a majority stake in Munich- and Heidelberg-based Atos Kliniken.

During Advent's five-year period of ownership, 18 new clinics have been opened, bringing the total to 45. The number of beds available for patients has increased by about one third, from 6,300 beds to 9,500. Employee numbers, however, have more than doubled, from 3,700 in 2009 to the current 7,500. Partnerships with scientific institutions such as the Berliner Charité were also developed.

Company
Headquartered in Berlin, Median Kliniken owns and operates rehabilitation and acute treatment clinics. The company focuses on neurological, cardiological, psychosomatic and orthopaedic rehabilitation. Its first clinic opened in 1972.

Median's revenues for the 2014 financial year is expected to be in the region of €500m.

People
Hartmut Hain is the CEO of Median. Carsten Rahlfs is a principal at Waterland and Rob Thielen is chairman. Holger Schnoes is a director at Advent.

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