Nexxus, Capzanine acquire stake in Spanish medical group

Alessia Argentieri
14 September 2018

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Nexxus Iberia and Capzanine have acquired a minority stake in a Spanish medical group composed of three companies: Dorsia, Eva Fertility and Origen.

Unquote understands that the GPs bought a 35% stake in the business and both deployed equity and mezzanine debt for the financing.

According to a statement, Nexxus and Capzanine will provide financial and strategic support to the group's founders, Manuel and Jorge Fernandez, who will retain the majority stake and continue to lead the business.

The GPs believe the company has the potential to be scaled and expanded in Spain and internationally.

Nexxus drew capital from its Nexxus Iberia Private Equity Fund I, which held a first closing on €130m in January and is expected to hit its €200m target by the end of 2018. The fund intends to make 8-10 investments in Iberian companies with €5-10m EBITDA and enterprise values of between €40-100m.

This is the second deal closed by the fund following its investment in Fuertes Gimeno Comunicaciones (FGC), a Spanish company specialising in the optimisation of mobile and fixed networks.

Capzanine invested via its Capzanine 4 Flex Equity Fund, which closed in October 2016 on its €350m hard-cap and provides a mix of equity and mezzanine debt.

This is the third investment made by Capzanine in Spain in 2018, following the €25m unitranche facility provided to Alantra-backed Spanish orthopaedic implant distributor MBA in January and its financing of L Catterton's acquisition of Goiko Grill in June.

Company
Established in 2002, Dorsia is an aesthetics surgery clinics operator, with 70 clinics located across Spain. Eva Fertility was founded in 2015 and today operates 50 clinics specialising in assisted reproduction, while Origen was founded in 2017 and provides psychology consulting and mental health therapies. The companies are headquartered in Madrid and generated combined revenues of €90m in 2017. According to press reports, the group generated EBITDA of €8m.

People
Nexxus Iberia – Maite Ballester (managing partner).
Capzanine Spain – José Tomas Moliner (country head).
Dorsia, Eva Fertility & Origen – Manuel Fernandez, Jorge Fernandez (founders).

Advisers
Equity – King & Wood Mallesons (legal, financial due diligence); EY (corporate finance); Candesic (commercial due diligence); PwC (financial due diligence).
Company – KPMG (corporate finance).