Bridgepoint sells Terveystalo to EQT

EQT acquired Terveystalo via its EQT VI fund. The transaction, which is subject to standard competition clearances, is expected to be completed in Q4 2013.

Bridgepoint acquired Terveystalo in February 2009 for €162m. The deal did not include a debt component.

During its holding period, Bridgepoint invested €160m in the group's clinical network, IT infrastructure and service delivery. Of this capital, €120m was used to fund 15 acquisitions. The number of employees grew from 4,350 to close to 6,500 during this period, and the company's EBITDA doubled.

In June 2004, a syndicate of investors comprising Promotion Bridge I, Ilmarinen pension fund and Teollisuussijoitus (Finnish Industry Investment) provided Terveystralo with a total of €13m to support its growth.

Company
Based in Helsinki, Terveystalo provides occupational health and primary healthcare services including surgery at 18 hospitals and 141 clinics in Finland.

The company was established in 2001 when Medipa clinics and Vaajakosken Lääkäriasema merged with Suomen Terveystalo Group. The group subsequently grew organically and through acquisitions.

Terveystalo had a reported turnover of €445m and an EBITDA of €52.3m in 2012.

People
Håkan Johansson led the deal for Bridgepoint. Yrjö Närhinen is the chief executive of Terveystalo.

Advisers
Vendor – Morgan Stanley (Corporate finance); Avance Attorneys (Legal); Ernst & Young (Financial due diligence, tax); Marsh (Insurance); BCG (Commercial due diligence).

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