Triton, KKR-backed Ambea to acquire Aleris division for SEK 3bn

Nicole Tovstiga
17 October 2018

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Stockholm-listed healthcare provider Ambea, backed by Triton and KKR, has agreed to acquire the care operations of Norwegian healthcare provider Aleris Care.

The care operations of Aleris in Norway, Sweden and Denmark will be acquired by Ambea for a final purchase price of around SEK 3bn.

According to the business, the annual sales for the new group for the period July 2017 to June 2018 amounted to approximately SEK 10.6bn, of which Ambea accounted for SEK 5.9bn and Aleris Care SEK 4.6bn. Adjusted EBITA for the new group during the period amounted to SEK 644m, of which adjusted EBITA for Ambea accounted for SEK 49m and Aleris Care SEK 146m.

The operations have a combined total of approximately 13,100 full-time employees and 7,690 beds and placements in own management.

Ambea intends to finance the transaction with existing credit facilities and new, secured bank financing from Danske Bank, DNB and Nordea. The largest shareholders in Ambea are ACTR Holding and Actor SCA, controlled by KKR and Triton, which represent around 50.1% of the total number of shares in the company.

The company intends to reduce a portion of the acquisition debt with a rights issue, to which KKR and Triton said they plan to subscribe.

Previous funding
3i wholly acquired Ambea, then Carema, in 2005. Five years later, 3i divested its stake in healthcare and care services provider Ambea in an €850m secondary buyout to Triton. The following year in 2011, the private equity player acquired Finnish-based Mehiläinen, creating the health group Ambea.

Ambea was listed on Nasdaq Stockholm in March 2017 – marking a partial exit for the private equity investors – at an issue price of SEK 75 per share valuing the company at around SEK 5bn.

Triton and KKR sold healthcare service Mehiläinen, the Finnish brand under Ambea, to CVC Capital Partners and co-investors in a deal reportedly valued at €1.8bn in March 2018.

Company
Established in 1987 and headquartered in Oslo, Aleris Care owns and operates hospitals, medical centres and elderly care facilities. It also provides medical services.

People
Triton – Peder Prahl (director).
Ambea – Fredrik Gren (CEO).

Advisers
Equity – Nordea (corporate finance); Vinge (legal); Alvarez & Marsal (financial due diligence).