Xanit Hospital (Spain) - Nov 2007

unquote
01 November 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

Dinamia Capital, managed by N+1, has led the acquisition of Spanish healthcare provider Xanit. Hospital from Grupo Gomez Serrano. Dinamia invested €42m in the deal, acquiring a 62.5% stake, while the remaining 37.5% is retained by Partners Group, Lombard Odier Darier Hentsch & Cie and the management team. The operation was carried out through newco Leucorodia Ltd. There was no additional debt involved in this acquisition as the company already possesses equipment leasing related debt. There are no short-term plans for refinancing the debt, but the possibility could be considered in the medium to long term. Dinamia/N+1 had already been assessing the possibility of acquisitions in the healthcare sector which facilitated the negotiation process. The deal was originated by Altium Capital and took approximately two months to complete. Dinamia has reportedly stipulated the entry of other investors into the newco to reduce its stake to 32.5%.

Company

Málaga-based Xanit Hospital has been operating since the end of 2005. The hospital specialises in oncology and cardiology; it also offers a wide array of other services and innovative technologies. The company employs around 400 staff. The investors plan is to strengthen the organic growth of the healthcare provider with the aim of pursuing a build-up strategy. For this the backers have brought in a group of managers specialised in the healthcare sector who will work with the current management team. They intend to develop new areas of expertise and new services.

People

David Santos of Dinamia Capital led the deal.

Advisers

Equity - Altium Capital, Ignacio Duran (Corporate Finance)Equity - Cuatrecasas, Francisco Maroto (Legal)Equity - Jones Lang LaSalle, Nizar Sakarni (Other Consultant)Equity - KPMG, Carlos González (Financial Due Diligence)Equity - KPMG, Jose Luis Guillen (Commercial Due Diligence)

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