Waterland-backed Median Kliniken buys Kliniken Wied

It is the 19th bolt-on acquisition for Median in its buy-and-build strategy since Waterland's first investment in 2011.

The acquisition of Wied adds an additional 210 beds and 166 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 across 14 federal states.

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
Kliniken Wied was founded in 1974 and has two facilities between Bonn and Koblenz. It is focused on addiction rehabilitation including alcohol, prescription medication and illegal drugs.

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

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