Nordic Capital shelves GHD GesundHeits sale - report

The report, citing several sources, indicated that the sponsor instead decided to refinance the asset, closing a deal on 30 July.

Nordic Capital had appointed Macquarie Capital to find a buyer for GHD in the spring with first round bids on 7 May 2019, as reported by Unquote sister publication Mergermarket. Sponsors CD&R and PAI Partners were invited to the second round of the process, according to Mergermarket.

But the sellside was unable to find a buyer willing to pay the €1bn price tag Nordic Capital had placed on GHD (equating to more than 13x the €75m run-rate EBITDA that the sellside was reportedly using to market GHD), according to the report.

GHD reported €50.2m EBITDA on €657.7m revenues in 2017, and €53.6m EBITDA on €610.5m revenues in 2016, according to public filings.

The company operates as an integrated business producing medical supplies and compounded pharmaceuticals, as well as performing wholesale and logistics services, according to Nordic's website. Its homecare business provides services and consumable medical devices.

The company treats 1.2 million patients and employs around 3,400 staff, according to its website. It has 18,000 institutional customers and delivers around 7 million medical products per year.

GHD was founded in 1992 and is headquartered in Ahrensburg, Germany.

Macquarie and PAI declined to comment when approached by Mergermarket. CD&R, GHD and Nordic Capital did not return requests for comment.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• DACH
• Healthcare
• healthcare
• Nordic Capital
• Germany
• PAI Partners
• Macquarie Group