Trilantic buys Oberberg Group from Odewald

Trilantic drew equity from Trilantic Europe Fund V, a €900m buyout vehicle that held a final close in June 2015.

It saw off competition from DH Private Equity and Triton Partners in the second round of bidding, according to unquote" sister publication Mergermarket.

The acquirer said it will support Oberberg's expansion strategy, which includes targeted acquisitions.

Oberberg was marketed at €18m EBITDA from €69.4m of revenues for 2017, according to unquote" sister publication Debtwire. The report added that banks were pitching leverage at 5.5x and funds were offering up to 6.25x through unitranche.

The final leverage was less than 5x and was provided by a group of banks, according to a source close to the situation.

The sale ends a six-year holding period for Odewald, which acquired the company in December 2011, drawing equity from its €600m, 2007-vintage buyout fund, Odewald & Compagnie III.

At the time of the original buyout, Oberberg employed 260 people and operated three clinics. It now operates nine clinics and employs 570 people.

Previous funding
Odewald acquired Oberberg for an undisclosed sum in December 2011. At the time, the company reported €5m in EBITDA from €16m in revenues.

Oberberg made several bolt-on acquisitions under Odewald's ownership, including Cologne-based competitor Somnia Klinik in January 2013, and Bad Säckingen-based clinic group Rhein-Jura Klinik in 2014.

Company
Oberberg was founded in 1988 and is headquartered in Berlin. It is an operator of psychotherapy, psychiatry and psychosomatic acute clinics in Germany with a focus on treatments for depression and addictions. The company focuses on privately insured patients and has approximately 560 beds. It projects €18m in EBITDA from €69.4m in revenues for 2017 and has 570 full time employees.

People
Trilantic Europe – Henrik Bodenstab (partner).
Oberberg Group – Michael Almeling (management board spokesperson).

Advisers
Acquirer – Taylor Wessing (legal); PwC (financial due diligence, tax); Herter & Co (debt advisory); Ferber & Co (M&A).
Vendor – Macquarie (M&A).

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