Waterland's Median buys Klinikzentrum Mühlengrund

It is the 17th bolt-on acquisition in the buy-and-build strategy in the healthcare sector since Waterland's first investment in 2011.

The acquisition of Mühlengrund adds an additional 550 beds and 530 employees to the group, which has expanded its combined revenues from €70m in 2011 to almost €1bn.

Median consists of 120 rehabilitation clinics, hospitals, therapy centres and other clinics, and employs 15,400 people in Germany.

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

The GP 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, prior to the latest acquisition, was the takeover of Allgemeine Hospitalgesellschaft in November 2016, a chain of 45 clinics and therapy centres.

Company
Mühlengrund is a clinic centre in north Hesse. It has a range of facilities for inpatient rehabilitation in orthopaedics, internal medicine, cardiology, diabetology, neurology and psychosomatics.

People
Waterland Private Equity – Carsten Rahlfs (partner).
Median Kliniken – Andre Schmidt (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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