Waterland makes two bolt-ons for Athera

The transaction is expected to close at the end of June 2020.

Waterland acquired a majority stake in Athera, then known as Rehacon, in January 2019. The GP deployed equity from its seventh fund, which held a final close in August 2017 on €2bn. Deutsche Apotheker- und Ärztebank and SEB Acquisition Finance provided debt to support the deal.

At the time, the company reported turnover of €36m, employed 600 people and had 100 clinics. It now reports turnover of more than €50m and employs 1,000 people.

Waterland supported the acquisitions of Gantze Zentrum für Gesundheit and Physiotherapie Rosita Boose with additional equity. The GP said in a statement that the acquisitions will expand Athera's presence in Germany.

During the investment period, Waterland supported several bolt-ons for Athera by supplying fresh equity. Athera acquired Therapiezentrum Anita Brüche in April 2019 and Fysioconcept in June 2019 as part of its buy-and-build strategy. Athera has made six bolt-ons in total during the investment period.

Company
Gantze Zentrum für Gesundheit and Physiotherapie Rosita Boose are physiotherapy clinics. Gantze is based in Wertingen, Bavaria, while Rosita Boose is based in Halle, Saxony. The companies have fewer than 50 employees combined and a combined turnover of less than €10m.

People
Waterland – Carsten Rahlfs (managing partner).
Athera – Albrecht Grell (CEO).

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