Triton invests in NPM Capital's Bergman Clinics

Harriet Matthews
09 March 2021

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Triton has invested in Netherlands-based Bergman Clinics, a portfolio company of NPM Capital.

The deal remains subject to regulatory approvals and consultation with Bergman Clinics' works council.

The investment will be in partnership with NPM and fellow existing shareholder the Malenstein family, Triton said in a statement.

Triton is deploying equity via Triton Fund V, which held a final close in January 2019 on €5bn. The fund has now made 12 platform investments, according to Unquote Data.

Bergman Clinics has expanded via a series of acquisitions under NPM's ownership. In 2019, Bergman acquired NL Healthcare Clinics, which had been a portfolio company of NPM since 2011. The combined entity continued to operate under the Bergman Clinics brand. Its recent add-ons include six of Capio's Germany-based facilities, acquired in September 2020, as well as cosmetic surgery specialist Medical One in February 2021.

Unquote sister publication Mergermarket first reported in January 2020 that the business was up for sale, but later reported in March 2020 that NPM's planned sale of Bergman Clinics had been put on hold due to the coronavirus pandemic. The process was revived in September 2020. JP Morgan and Axeco Corporate Finance had been mandated for the sale. The company was marketed based on EBITDA of around €60m. It reported revenues of €220m in 2018.

Bloomberg reported in February 2020 that the company could be valued at up to $1bn.

Mergermarket subsequently reported in January 2021 that the process had seen interest from Towerbrook Capital Partners, Cinven and Bain. In February 2021, the publication reported that Triton and BC Partners* were in the second stage of the sale process.

*BC Partners owns a minority stake in Acuris, the publisher of Unquote.

Company
Headquartered in Naarden in the Netherlands, Bergman Clinics operates 140 outpatient medical clinics across the Netherlands, Sweden, Denmark, Norway and Germany. The company has more than 3,000 staff, plus 250 medical specialists. It provides care in areas including orthopaedics, eye care and skin care.

People
Triton – Peder Prahl (general partner for the Triton funds); Anja Bickelmaier (co-head of healthcare); Koos van de Linde (investment advisory professional).
Bergman Clinics – Hans van der Heijden (CEO); Bart Malenstein (owner, member of the supervisory board).
NPM Capital – Jelmer Methorst (investment manager); Michelle Dieben (associate); Stijn Jonker (senior associate); Rutger Ruigrok (managing director).

Advisers
Equity (Triton) – Rabobank (corporate finance); De Brauw (legal); PwC (financial due diligence, tax); Bain (commercial due diligence).
Equity (NPM Capital) – JP Morgan (corporate finance); Axeco Corporate Finance (corporate finance).