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Unquote
  • Healthcare

Triton partially exits Aleris to EQT Infrastructure for EUR 286m

  • Rachel Lewis
  • 22 February 2022
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Private equity firm Triton has divested the radiology arm of Aleris to EQT Infrastructure while also selling its primary care arms to Swedish outpatient player Praktikertjänst.

Triton had appointed Rothschild to run an auction process in mid-December, reported Unquote's sister publication Mergermarket.

The radiology arm was marketed off an adjusted 2021 EBITDA of EUR 26m, sources said at the time.

Aleris

  • DEAL:

    Carve out

  • VALUE:

    EUR 286m

  • LOCATION:

    Stockholm

  • SECTOR:

    Health Care Providers

  • EBITDA:

    EUR 26m

  • VENDOR:

    Triton Fund V

It was ultimately sold for around 11x on 21 February to make an EV of EUR 286m, one of the sources told Unquote.

Triton was seeking a valuation of SEK 1.5bn-SEK 2bn (EUR 140m-EUR 188m), as reported. It bought the Aleris group in 2019 for an EV of SEK 2.8bn, reported Unquote. 

The firm did not comment on the size of Aleris post divestment but the whole group had revenues of EUR 463m in 2019. 

EQT Infrastructure has completed the deal through a radiology portfolio company that also holds the two German radiology businesses it bought last year: Meine Radiologie and Blikk. The EQT Infrastructure V fund was about 60%-65% deployed when it closed in November 2021 at a hard cap of EUR 15.7bn.

The GP emerged in the pool of final bidders shortly before final bids were due on February 14. 

The radiology divestment is made up of Aleris' full capabilities: 14 units in Norway and 22 in Sweden, which together deliver 1 million exams annually across a range of modalities. 

The primary care divestment in Sweden includes the health centre at Bollnäs Hospital and Rudan Health Center in Haninge outside of Stockholm as well as eight units within Aleris primary care rehab.

Triton and EQT Infrastructure declined to comment. 

[Editor's note: The article has been updated to include EQT Infrastructure's comment. The sixth paragraph has been amended to reflect that EQT completed the deal through a radiology portfolio company.]

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