Cinven looks to sell Spire

It is understood the deal could fetch more than £1.5bn, and the asset has already attracted attention from financial sponsors.

The sale process follows Spire's divestment of 12 of its 28 hospitals in February last year, in a bid to reduce its debt. The deal was expected to see the company's debt reduced by £700m from £1.4bn. The hospitals were sold to a consortium of investors comprising Malaysia's Employees Provident Fund, affiliated investment funds of Och-Ziff Capital Management Group and Moor Park Capital. The hospitals were subsequently leased back and are still operated by Spire.

Cinven acquired Spire in a £1.44bn buyout in 2007, backed by debt from Bank of Scotland and RBS. The company has made several acquisitions since.

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