Advent buys Deutsche Fachpflege from Chequers

The current management team, led by Volker Feldkamp, Marcus Reinecker and Bruno Crone, will retain a stake in the new company and remain in their positions.

The group currently consists of 18 outpatient nursing providers, and Advent said it will support further growth through targeted investments.

Deutsche Fachpflege projected €22m in EBITDA in 2018 from €198m in revenues, and a run-rate EBITDA of €30m, according to a report by Unquote sister publication Debtwire.

The report added that Advent is considering a new financing package to support the acquisition after taking over the existing €90m unitranche package, arranged by BlueBay and Berenberg in 2017.

Previous funding
Chequers acquired Deutsche Fachpflege from Delta Equity in March 2013; the acquisition was originally backed by a €50m unitranche provided by Ares, which was refinanced by the Bluebay and Berenberg package in 2017.

Luxempart acquired a minority stake in Chequers' deal in October 2016, investing an eight-digit sum for 15.4% of the business.

Company
Deutsche Fachpflege is headquartered in Munich and operates 18 outpatient intensive care units across Germany. The company employs 3,200 people.

People
Advent International – Holger Schnoes (managing director); Martina Pfeifer (director).
Chequers Capital – Dominik Schwarz (director).
Deutsche Fachpflege Gruppe – Volker Feldkamp (CEO).

Advisers
Equity – Ferber & Co (corporate finance); Bain & Co (commercial due diligence); Alvarez & Marsal (commercial due diligence); Freshfields (legal).
Vendor – Lincoln (corporate finance); EY (financial due diligence); Latham & Watkins (legal).

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• Topics
• Buyouts
• Exits
• DACH
• Healthcare
• Advent International
• Secondary buyout
• Chequers Capital
• Germany