DBAG buys two radiology practices

This is the first acquisition by DBAG Fund VII, which closed on its hard-cap of €1bn in September 2016. The fund will acquire 56% of the shares but the purchase price has not been disclosed. DBAG is the biggest LP in the fund and will indirectly control 11% of the shares – it will also invest €15m as a co-investment.

Former shareholders will reinvest to retain a 44% stake in the new company. The purchase is expected to be completed by mid-year and still requires approval by cartel authorities and other relevant institutions.

The new company is yet to be named but it will have a board of four people including Thilo Wittkämper, previously of one of the radiology practices.

DBAG competed with at least three other private equity firms for the acquisition. The process was led by an unnamed legal team.

Company
The two radiology practices being acquired are Radiologische Gemeinschaftspraxis Herne and Ranova Überörtliche Gemeinschaftspraxis für Radiologie und Nuklearmedizin. Both have operated in the Ruhr region for 40 years. Together they employ 87 physicians at 15 different locations and recorded a joint revenue of €54m last year.

People
Deutsche Beteiligungs AG – Torsten Grede (board spokesperson); Lucas Herbert (managing director); Julia Brunswicker (investment manager); Max Vogl (analyst).

Advisers
Equity – Boston Consulting Group, Michael Thorwarth (commercial due diligence); Orrick Herrington & Sutcliffe, Christop Brenner (legal); Novacos Law, Maria Heil (legal); EY, Wolfgang Taudte (financial due diligence); Tatjana Beuth-Duchscherer (tax); Gleiss Lutz, Eike Thomas Bicker (compliance due diligence); ERM, Gudrun Schwerdtle (environmental due diligence), Willis Towers Watson, Edmund Strößer (insurance due diligence).

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• Topics
• Buyouts
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