Doughty agrees to sell Quirón to CVC

Doughty divested the asset from Doughty Hanson & Co V, reaping a 2x money multiple and an expected IRR of 40%. The vehicle has so far exited four assets, returning nearly all capital commitments to investors already, according to the GP.

CVC has experience in the hospital field, having acquired the Spanish hospital unit of Capio – the Swedish healthcare group owned by Apax and Nordic Capital – in 2011 for around €900m.

unquote" reported on the expected divestment of Quirón in June. At the time, CVC was reported to have plans to merge Quirón with Capio.

Previous funding
In February 2012, Doughty bought Spanish hospitals operator USP Hospitales from Barclays and Royal Bank of Scotland for €355m – 9x the firm's forecast EBITDA for the year.

Later that year, the GP bought a stake of around 40% in Quirón from the Cordón Muro family (who retained the remaining shares), in order to merge the firm with USP Hospitales. The Cordón Muro family exchanged its controlling stake in Quirón for a stake in the larger entity.

In October 2013, Magnum Industrial Partners sold Barcelona-based private medical clinic Centro Médico Teknon to Quirón for €225m.

Company
Quirón operates more than 2,800 beds across Spain, as well as four fertility treatment centres, consultation centres and day hospitals. The group currently has a headcount of 8,200.

People
Francisco G Churtichaga is a partner at Doughty. María Cordón is CEO at Quirón.

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• Topics
• Southern Europe
• Healthcare
• Buyouts
• Exits
• Spain
• Doughty Hanson & Co
• CVC Capital Partners