Waterland launches new buy-and-build with Rehacon

Capital for the deal was drawn from Waterland Private Equity Fund VII. Rehacon is the sixth acquisition for the fund, which held its final close in 2017 on €2bn, according to Unquote Data.

Rehacon is said to have a turnover of €36m. The transaction, which is due to be completed by March 2019, is subject to approval by the German Antitrust Authority.

The stake is being sold by Reeder Invest, the managing director of which is the founder of Rehacon. Michael Reeder will continue to manage the company.

Waterland plans to operate a buy-and-build approach with Rehacon, similar to the approach the GP has taken with other healthcare acquisitions in the region like rehabilitation clinic operator Median Kliniken and nursing service Schönes Leben. Waterland intends to connect additional therapy centres to Rehacon's existing administrative structure and realise synergies with the firm's other healthcare portfolio companies, such as Atos, an orthopaedics group, and Hansefit, which runs 1,400 gyms in the region.

Waterland and Rehacon intend to add more therapy centres to the group, focus on complex care, establish a single brand and expand strategic partnerships with hospitals. In the medium term, Rehacon also plans to expand abroad.

This acquisition comes days after Waterland announced its 19th bolt-on for Median Kliniken.

Company
Founded in 1992 in Gelsenkirchen, Rehacon now employs 600 people. Most employees work on-site at the treatment centres, offering services such as physiotherapy, training therapy and sports massages. The company's 100 sites are situated across Germany.

People
Waterland – Carsten Rahlfs (managing partner).
Rehacon – Michael Reeder (founder).

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• Topics
• Buyouts
• DACH
• Healthcare
• Germany
• Waterland Private Equity
• Buy-and-build