Doxx owner pulls process despite solid bids from private equity players

Following a lengthy auction process lasting about sixth months, owner Konrad Schumm has decided to hold on to the business, two of the sources said.

PAI was among the final bidders, one of these three and a fourth source familiar said. Investcorp and IK Partners were also among those placing final bids, the first source said, as was Fremman, another of the sources added.

Sponsors are unhappy with the outcome given the time invested and due diligence expenses, and with bids coming at or above the expected valuation, two of the sources said. The owner is now unlikely to find a sponsor-backed buyer in any future auction and may need to trade the business bilaterally in a one-on-one transaction, they noted.

Indicative bids in the Alantra-led sale valued Doxx at around EUR 260m, as reported by this news service in April.

A long list of private equity firms submitted non-binding offers in March in an auction that was tipped to soldier on despite rising inflationary pressures and the war in Ukraine, the report continued. The German healthcare business was being marketed off around EUR 15m-EUR 20m EBITDA, the report continued.

Doxx, the number two healthcare-staffing specialist in Germany behind Vitruvian-backed Doctari, appealed to investors with its long-term growth prospects, as hospitals continue to rely on its staffing services to plug supply gaps, this news service reported in February.

Founded in 2010, Heidelberg-based Doxx is owned and run by founder Schumm and has 75 employees supporting the placement of medical staff and doctors at hospitals, clinics and medical practices in Germany.

Alantra, IK Partners, PAI and Investcorp declined to comment. Doxx and Fremman did not return a request for comment.

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