Valedo sells Cambio Healthcare to Investcorp

The transaction is the fourth exit for Valedo Partners Fund II, following divestments of Evidensia, Jobmeal and the partial sale of Joe & the Juice. The fund held a final close on SEK 2bn in 2011.

DnB is providing a debt package to support the transaction.

Cambio’s management has retained a minority stake in the business.

During Valedo’s six-and-a-half-year holding period, Camio Healthcare doubled its staff from 300 to 600 and increased sales from SEK 200m to SEK 490m. 

Investcorp recently raised $1bn in for Investcorp European Buyout Fund 2019, in a secondaries deal backed by Coller Capital. It is understood that extra capital for new primary buyouts of European companies was included in the deal but it is unclear whether Investcorp used the vehicle for the buyout of Cambio. 

Previous funding
Valedo Partner,s via Valedo Partners Fund II, acquired the Swedish healthcare business along with the founders and key management in 2012. The vendors were Investor Growth Capital and other shareholders.

Company
Founded in 1993, Cambio Healthcare Systems provides healthcare information and management systems for acute and university hospitals, primary-care clinics and specialist units. The company generated a SEK 85m EBITDA from SEK 490m in sales in 2018 and employs 600 people.

People
Investcorp - Daniel Lopez-Cruz (head of European PE).
Cambio Healthcare Systems - Peter Gille (CEO).

Advisers
Vendor - Nordea (corporate finance); Raymond James (corporate finance); PwC (financial due diligence); Mannheimer Swartling Legal (legal); JLT (insurance due diligence); McKinsey (commercial due diligence).

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• Topics
• Exits
• Buyouts
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• Secondary buyout
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• Sweden
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