Investindustrial backs Spanish fertility clinic Ginefiv

Alessia Argentieri
17 January 2019

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Investindustrial has wholly acquired Madrid-based fertility clinic Ginefiv from the company's founders, José Bajo Arenas and Alberto Martínez de Arenaza.

Unquote understands that the deal gives the business an enterprise value of €30m.

The GP invested via its Investindustrial Growth Fund, which held a final close on its €375m hard-cap in May 2018, less than three months after launch. The vehicle invests equity stakes between €10-50m in European lower-mid-market companies.

Following the deal, the founders and management of Ginefiv will stay on with the business and partner with Investindustrial in this new phase of expansion.

Company
Established in 1987 and based in Madrid, Ginefiv is a fertility clinic that specialises in assisted reproduction and in-vitro fertilisation. The company employs a staff of around 100 gynaecologists, biologists, pharmacists, psychologists and nurses.

Ginefiv performs more than 4,500 treatments annually, including donor and non-donor IVF, and provides services such as fertility preservation. Ginefiv generated profit of €2.2m in 2017 and revenues of €12m in 2018.

People
Investindustrial – Andrea C Bonomi (chair).
Ginefiv – José Bajo Arenas, Alberto Martínez de Arenaza (founders).

Advisers
Equity – Medinamis (business due diligence); LEK Consulting (commercial due diligence), Willis Towers Watson (insurance due diligence), Eurohold (corporate finance); Uría Menéndez (legal); KPMG (tax); Golder Associates (ESG due diligence).