Cellulem Block (Spain) - Dec 2007

Private equity house GED has acquired a 60% stake in Spanish healthcare provider Cellulem Block through its fund GED Sur. The management buy-in operation was valued at approximately €9m. This is GED Sur’s first investment.

Company

Málaga-based healthcare provider Cellulem Block provides non-invasive aesthetic services. With 250 facilities, it operates mainly in Spain and Portugal, but is also present in the UK, Italy, Mexico, Russia and Dubai. In 2007, the company expects a turnover of €7m. According to the investors, the company has reached a solid position in its niche market and is ready to replicate its business model abroad. The backers plan to consolidate the company’s position in the national market and expand its franchise network internationally within the next four years. Alfonso Elósegui has been hired as managing director, while Alejandro Ruíz Barea, the company’s current owner, will join the board.

People

Alberto Arranz is the managing director of the fund.

Advisers

Equity - CMS Albiñana & Suárez de Lezo, Jose Antonio Rodríguez (Legal)Equity - Engloba Auditores, Jose Maria Silva (Financial Due Diligence)Vendor - Ernst & Young Corporate Finance, Javier Sanchez (Legal)

Sourced from: Southern Europe unquote" 71 (Feb 2008)

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• Topics
• Southern Europe
• Buyouts
• Healthcare
• buy-in
• Spain