
Waterland sells Atos Kliniken to ICG
Waterland Private Equity has sold its stake in Germany-based orthopaedic clinic chain Atos to Intermediate Capital Group (ICG).
The exit generated returns of more than 6x money on invested capital, a source close to the situation told Unquote.
Atos Kliniken's management is to increase the size of its stake in the company as part of the deal.
Unquote sister publication Mergermarket reported in May 2021 that Atos Kliniken was expected to come to market, with Rothschild mandated to run the process. One source told Megermarket that the company generates revenues of EUR 100m and EBITDA of EUR 15m, while another said that Atos generates revenues of EUR 150m and EBITDA of EUR 20m.
The aforementioned source confirmed to Unquote that the company generates run-rate EBITDA of more than EUR 20m.
Waterland formed Atos Kliniken as a buy-and-build platform in 2016 via a spin-off from rehabilitation clinic chain Median, which the GP acquired from Advent International and Marcol Healthcare in October 2014 in a EUR 1bn deal. Median had acquired Atos Kliniken earlier in 2014. Waterland invested in Median via its fifth flagship fund, which held a final close in July 2011 on EUR 1.1bn.
Waterland carved out and merged the Atos clinics in Hamburg, Heidelberg and Braunfels to form an independent entity. Following the spin-off, Atos implemented a buy-and-build strategy to acquire further clinics and to increase its treatment offering for patients.
ICG is currently deploying equity via vehicles including ICG Europe Mid-Market Fund. The vehicle held a final close in January 2020 on EUR 1bn and makes debt and equity investments in Europe-based mid-market companies. The fund's investments include Denmark-based dental clinic chain Godt Smil.
Waterland's sale of Atos comes shortly after Hg's acquisition of a majority stake in Waterland VI portfolio company Serrela, as reported. Waterland retained a minority stake in the Germany-based financial process automation software as part of the deal.
Waterland Private Equity declined to comment.
Company
Atos Kliniken is a chain of nine orthopaedic clinics in Germany offering orthopaedic treatment and elective surgeries. The first clinic was founded in Heidelberg in 1991 and the company is now headquartered in Munich. Atos employs 1,000 staff, as well as 170 doctors, generating revenues of EUR 130m, according to a statement.
People
Waterland Private Equity – Carsten Rahlfs (managing partner).
Atos Kliniken – Martin von Hummel (CEO).
Intermediate Capital Group – Martin Preuss (managing director).
Advisers
Vendor – Rothschild (M&A); Hengeler Mueller (legal).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater