Apax France is to wholly acquire NL Mental Care in an SBO from NPM Capital.
The transaction remains subject to approval from the Dutch healthcare and competition authorities.
The company's management team will continue to lead the business, the GP said in a statement.
NPM acquired NL Mental Care (Mentaal Beter as it was then known) from Interhealth in 2013. During the investment period, the GP assisted the company with investments in staff training, IT systems and psychiatric e-health capabilities, according to a statement.
The business also made a series of add-ons during the investment period. It acquired dyslexia-focused Praktijk Van Waterschoot in January 2020, and in 2019 bolted on Karmijn Kapitaal-backed Opdidakt. In 2018, Mentaal Beter acquired market peer Van Rhoon Psychologen.
Apax is currently deploying equity via Apax France X, which held an interim close in March 2020 on €1.2bn, meeting its target. The fund has a hard-cap of €1.4bn and invested in Groupe Crystal in September 2020, according to Unquote Data. The fund invests in businesses with enterprise values of up to €500m.
Unquote sister publication Debtwire reported in September 2020 that the sale was underway, with KPMG mandated to advise. Sources told Mergermarket that interested bidders could include Waterland Private Equity, Bencis Capital Partners, G Square Private Equity and Gilde Healthcare, all of which have industry experience. The business was marketed based on EBITDA of €11m.
In December 2020, Unquote sister publication Mergermarket reported that Apax was in exclusive talks to acquire NL Mental Care. Debtwire reported in the same month that the deal was to be an all-equity transaction.
NL Mental Care is a non-clinical mental healthcare provider, operating under the brands Mentaal Beter, Vitalmindz, Alleskits and Opdidakt. The company has more than 120 sites in the Netherlands.
The business was founded in 2004 and merged with Parigger & de Heer in 2009. NL Mental Care is headquartered in Hilversum and has more than 1,000 employees.
Apax Partners – Bertrand Pivin, Marc Benatar (partners).
NPM Capital – Leonard van Loon (investment director).
NL Mental Care – Martin de Heer (CEO).
Vendor – KPMG (corporate finance).
Social care and healthcare software platform is following a buy-and-build strategy
Company intends to further boost its growth both organically and via strategic acquisitions
Fund focuses on mid-market companies across western Europe, within a range of sectors
Sale ends a five-year holding period for Apax, which acquired a majority stake in Sandaya from Pragma Capital