Doughty's Quirón buys Teknon from Magnum

The acquisition creates the largest private medical group in Spain, following Doughty's merger of Quirón with USP Hospitales in 2012.

In February 2012, Doughty Hanson acquired 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, Doughty bought a stake of around 40% in Grupo Hospitalario 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 Grupo Hospitalario Quirón for a stake in the larger entity.

Previous funding
Magnum bought the firm in 2010 in a secondary buyout from BC Partners. The GP acquired a 95% stake in the business for €140m, with the management team retaining the balance of shares. Mercapital had also circled the asset and was understood to have offered €135m for the firm.

In 2004, BC Partners bought the private clinic from US group Tenet Healthcare for €90m, in the GP's first foray into the Spanish market.

Company
Based in Barcelona, Centro Médico Teknon is a medical clinic and surgery. The company specialises in oncology, cardiology, cardiovascular surgery, trauma, neurosurgery and cosmetic surgery.

Teknon is understood to have reported a €73.1m turnover last year, up 2.5% on the previous year, with net profit reaching €3.9m.

People
Ángel Corcóstegui is a founding partner at Magnum.

Advisers
Vendor – Rothschild (Corporate finance); Herbert Smith Freehills (Legal).
Buyer (Quiron) – PwC (Financial due diligence); Freshfields Bruckhaus Deringer (Legal).

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