Magnum sells Miranza to PAI-backed Veonet for EUR 250m

Rachel Lewis
12 September 2022

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Iberian private equity firm Magnum Capital has exited Spanish ophthalmology clinic chain Miranza in an off-market transaction that values the company at EUR 250m.

Buyer Veonet, which is backed by PAI and owns locally branded clinic chains across DACH, the UK, and the Netherlands, confirmed the transaction in a statement, saying it adds 34 clinics to the group.

In Spain, Miranza will continue to expand by hiring more surgeons and acquiring new centres, Veonet said in a statement.

Magnum Capital was in late-stage talks to sell the company to Veonet in an off-market transaction without external advisors, as first reported by Unquote's sister publication Mergermarket.

Miranza aims to hit EUR 18m in EBITDA and around EUR 90m in revenues this year, said the report.

The transaction values Miranza at EUR 250m, according to media reports, making a 14x EBITDA multiple.

Magnum has completely exited its holding while the founding doctors will reinvest up to 30% of the transaction proceeds into Veonet shares.

The sponsor acquired the company in June 2019 via Magnum Capital II, which was fully deployed for new platform investments by the end of the year, as reported.

There are at least three more ophthalmology assets expected to hit the European M&A pipeline in the coming months, including H2 Equity's Optegra, advised by Lincoln; Montagu's Artemis, advised by Goldman Sachs and HSBC; and NORD Holding's Zentrum Gesundheits, as reported by Mergermarket.

The deal is the first transformational bolt-on for Veonet since a consortium of PAI Partners and Ontario Teachers (OTTP) acquired the group in March 2022.

Post transaction, Veonet will have over EUR 150m EBITDA and around EUR 600m revenue, according to media reports.