Waterland-backed Atos buys Fleetinsel Klinik Hamburg

A number of physicians from the clinic will receive shares in the business, amounting to a small minority position.

The GP is providing additional equity funding to support the transaction. It said it is happy to be strengthening its presence in Hamburg, where Waterland's Germany team will relocate to in early 2018.

Fleetinsel Klinik employs 120 people and has 75 beds. This brings the group totals to more than 400 beds and 500 staff.

With Atos's backing, the Hamburg clinic will add another 100 beds and focus on elective orthopaedic procedures such as endoprosthesis.

Previous funding
Waterland acquired Atos's former parent Median Kliniken 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.

Atos was formed as a spinout from Median in August 2016. It was the start of a specialised buy-and-build strategy that saw three clinics break away from the main group with plans for further acquisitions. Two of these clinics already operated under the Atos name in Heidelberg and Munich and the third was an orthopaedic clinic in Braunfels.

In December 2016, Atos made its first bolt-on acquisition, buying Munich-based Starmed, a 12-bed clinic that serves privately and publicly insured patients, and employs 50 people.

It then acquired Cologne-Junkersdorf-based Orthoparc in April 2017, adding an extra 50 beds and 100 employees.

Company
Fleetinsel Klinik is a Hamburg-based Orthopaedic clinic founded in 1990. It specialises in spinal surgery, joint surgery, foot surgery, sports medicine and general surgery. It employs 120 people and has 75 beds.

People
Waterland Private Equity – Carsten Rahlfs (partner).
Atos – Martin von Hummel (CEO).

Advisers
Equity – Hengeler Mueller, Alexander Nolte (legal); KPMG, Armin Stolz, Jörg Ufer (financial due diligence, tax).
Company – Mazars, Daniel Ruppelt (legal); Warth & Klein Grant Thornton, Kai Bartels (M&A).

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• Topics
• Expansion
• Healthcare
• DACH
• Germany
• Waterland Private Equity
• Buy-and-build
• Build-up
• Acquisition finance
• KPMG
• Mazars
• Grant Thornton