Waterland-backed Median buys two rehab clinics

Median has now acquired 16 companies since Waterland began the buy-and-build strategy with the purchase of RHM Kliniken in May 2011. The latest additions will take the group revenue to around €1bn.

The group now has more than 18,000 beds in 120 locations after adding an extra 405 beds in the latest transaction.

Median CEO André Schmidt explained that the acquisitions are a continuation of the strategy laid out by Waterland. By enlarging the size of the company, medical innovations and research can be shared, and costs can be cut on the centralisation of administrative processes.

Waterland acquired Median from Advent International and Marcol Healthcare in October 2014 in a deal valued at around €1bn. It then sold the real estate and agreed to lease it back from Medical Properties Trust for €705m.

Waterland then merged the company with its previous competitor RHM Group, which it had owned since May 2011, to create a new company that operated 72 clinics with 12,000 beds and 9,500 employees.

Since then Median has made several bolt-on transactions, the most significant of which was the takeover of Allgemeine Hospitalgesellschaft in November 2016, a chain of 45 clinics and therapy centres.

Company
Frankenpark Klinik is an orthopaedic rehabilitation clinic in Bad Kissingen with 185 beds and approximately 120 employees.

Rehazentum is an orthopaedic and neurological clinic in Wilhelmshaven with 220 beds. Its team of doctors specialise in rehabilitation after orthopaedic operations and the early stages of neurological rehabilitation.

People
Waterland – Carsten Rahlfs (partner).
Median Kliniken – André Schmidt (CEO).

Advisers
Equity – Hengeler (legal); KPMG (financial due diligence, tax).

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• Topics
• Expansion
• DACH
• Healthcare
• Waterland Private Equity
• Germany
• Build-up