N+1 et al. sell Xanit Group to Vithas

Amy King
10 July 2014

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Funds managed by N+1, Partners Group and Akina have sold Spanish hospital group Xanit to local trade buyer Vithas.

Dinamia, the listed fund managed by N+1 Mercapital, sold its 33.7% stake, receiving €24.1m; a figure that stands €14.4m above the investment's NAV as of March 2014. The figure could rise by €600,000 subject to certain conditions. N+1 Private Equity Fund II also held a stake in the firm prior to the exit.

Following the deal, Vithas Group has a network of 12 hospitals, 13 specialist centres and more than 4,300 professionals. The company is present in Alicante, Almeria, Granada, Gran Canary Island, Lerida, Malaga, Madrid, Tenerife, Pontevedra and Alava.

Previous funding
N+1 participated in the buyout of Xanit in 2007, acquiring a 62.5% stake in exchange for a €42m contribution. The remaining stake in the firm was retained by Partners Group, Lombard Odier Darier Hentsch & Cie and the management team.

In 2011, N+1 committed a further €3.2m in growth capital to the firm to fund the construction of an outpatient clinic and the expansion of the children's accident and emergency department.

In 2013, Xanit bolted on oncology centre Croasa. The deal was funded via a €610,000 capital commitment from N+1 through its Dinamia fund, which is listed on the Madrid Stock Exchange.

Company
Xanit has been in operation since 2005. The company provides specialised healthcare including oncology and cardiology services. Xanit has more than 680 professionals. It's main facilities are the International Xanit Hospital in Benalmadena and Xanit Limonar oncology centre in the Costa del Sol.

The group's revenues reached more than €50m in 2013, up from €29.7m in 2010, according to unquote" data.