Waterland sells VivaNeo to Impilo portfolio company TFP

Katharine Hidalgo
12 July 2019

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Waterland has agreed to sell fertility clinics group VivaNeo to Impilo-backed The Fertility Group (TFP).

VivaNeo generates around €10m EBITDA, according to Unquote sister publication Mergermarket. It generates about €50m in annual revenues.

In 2017, the company reported €41.7m revenues, a 15.8% year-on-year increase, mainly due to acquisitions, according to public filings. The group expected 5-10% revenue growth in 2018 with a positive impact on EBITDA, as per the filings.

Impilo supported the acquisition using its evergreen fund.

Swedish investment firm Impilo acquired a controlling majority stake in TFP from White Cloud Capital, founders and minority shareholders in March 2019. The combined business will have 19 IVF clinics in six European countries.

Waterland employed a buy-and-build strategy to expand VivaNeo. In 2011, the company acquired a Berlin branch. In 2012, it bought several new locations in Germany, as well as a sperm bank and a laboratory diagnostics centre. The acquisition of the Dutch firm Medisch Centrum Kinderwens marked the group's first step into international markets. In 2015 and 2017, further acquisitions in Denmark and Austria followed.

Alcentra will provide debt funding for the acquisition.

Previous funding
Waterland acquired Kinderwunschzentrum Wiesbaden in 2011, which then became VivaNeo.

In total, VivaNeo has completed 12 acquisitions during Waterland's holding period.

Company
VivaNeo is an operator of clinics offering treatments and associated services in the fertility sector, with 15 locations in Germany, Denmark, Austria and the Netherlands. Currently, the group employs around 300 people. Founded in 2011, the company is based on Pfäffikon.

People
Waterland Private Equity – Carsten Rahlfs (managing partner).
The Fertility Partnership – Andrew Came (CEO).
Impilo – Hans-Christian Bødker Jensen (partner).
VivaNeo – Sebastian Ahrens (CEO).

Advisers
Acquirer – Herbert Smith Freehills (legal); Deloitte (financial due diligence, tax); Roland Berger (commercial due diligence); PwC (corporate finance).
Vendor – Quarton International (M&A); Willkie Farr & Gallagher (legal).