Creditors take over Cinven-backed USP Group

According to reports, Cinven-backed healthcare group United Surgical Partners (USP) has completed a restructuring with its lenders Barclays and Royal Bank of Scotland (RBS) that will see the banks acquire a 65% stake in the business through a debt-for-equity swap.

Cinven acquired UPS from Mercapital in the summer of 2007 in a secondary buyout valued at EUR675m. Barclays and RBS provided a EUR500m debt facility, which was due to reach maturity in 2016. Mercapital had originally acquired the company in 2004 in a EUR217m deal.

The restructuring sees Cinven dilute its position in the shareholder structure; it previously held a 64% stake. The management team, led by Gabriel Masfurroll, had controlled a 25% interest, with the remainder being held by Caixa Geral (10%) and non-for-profit foundation Alex (1%).

The healthcare group, which is present in Portugal, Morocco and Angola, expects to continue to pursue international expansion.

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