GEM Benelux buys Waterland’s Fa-med

Waterland completed a full exit from the company, having invested in Fa-med in April 2004 in a €34.5m management buyout, according to unquote" data. It invested via its Waterland Private Equity Fund II, while debt was provided by ABN Amro.

Waterland then supported the company in an acquisitive growth strategy, with the bolt-ons of Kesteren Medical Factoring and DocCare in 2007, as well as Credios in 2009.

GEM plans to provide the company with further support, both strategically and financially. According to Dutch media, Waterland began exploring exit opportunities for Fa-med last year and was looking to get around €140m for the asset. The amount GEM has actually paid for the business has not been disclosed.

Debt
ABN Amro has provided a debt package to support the deal.

Company
Founded in 1988 and headquartered in Amersfoort, Fa-med is a provider of financial and administrative outsourcing services for the healthcare sector.

It provides invoicing, split-billing, pre-financing, factoring and debt collection to care providers such as dentists, pharmacists and veterinarians, with the aim of easing administrative workload for care providers.

The company reportedly generated €37m in turnover last year, as well as a profit of €2.2m. It employs 230 staff.

People
Henk de Jong is the CEO of Fa-med.

Advisers
Equity – BoerCroon, Dagmar Enklaar, Joost Plus (Corporate finance); Simmons & Simmons, Leo Verhoeff, Rob Hendriks, Martijn Stuart (Legal); Clifford Chance, Jelle Hofland (Legal); PwC, Remco van Daal (Financial due diligence); SIG, Sven Hazejager (Other due diligence); Kroller Boom, Dick Wouters (Insurance due diligence); JSA Tax, Oscar Janssen (Tax); OC&C Strategy Consultants (Commercial due diligence).
Management – Holland Corporate Finance, Bas Stoetzer (Corporate finance); Van Doorne, Onno Boerstra (Legal).
Vendor – Leonardo & Co, Rob Hendriks (Corporate finance); De Brauw Blackstone Westbroek, Ton Schutte, Annabelle Vos (Legal); KPMG, Ewald van Hamersveld (Financial due diligence); PwC, Rene Barlage (Other due diligence).
Debt – Stek, Frans Haak (Legal).

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• Topics
• Buyouts
• Benelux
• Support services
• Exits
• Netherlands
• Waterland Private Equity
• Gilde Equity Management Benelux
• Secondary buyout