
Bowmark sells Care Fertility to Silverfleet
Bowmark Capital has sold Care Fertility, a UK-headquartered fertility clinic group, to Silverfleet Capital.
Financial details of the transaction remain undisclosed, though a recent report by Unquote sister publication Mergermarket cited an industry source with expertise in healthcare who said the business may attract bids of around 8x its pro-forma EBITDA of £11m.
The deal is the ninth investment from Silverfleet Capital Partners II – which held a final close on €870m in 2015 – while Bowmark was invested in Care Fertility via £265m vehicle Bowmark IV, which closed in 2008.
DBowmark supported the £60m management buyout of Care Fertility from General Healthcare Group in 2012. During the vendor's seven-year holding period, the company acquired new sites - adding clinics in London, Tunbridge Wells, Bath, Birmingham and Dublin - and invested in the upgrade of existing facilities. It also undertook product development on its proprietary time-lapse embryo imaging technology CareMaps.
Under Silverfleet's tenure, Care Fertility will look to continue adding to its number of clinics, partly via bolt-on acquisitions, with a view to expanding internationally. It will also continue investing in research and development.
Debt
Apollo Global Management provided a debt package to support the transaction.
Company
Founded in 1997, Nottingham-headquartered Care Fertility is a fertility clinic group focusing on IVF treatments, fertility preservation procedures and genetic diagnosis and screening. The business operates nine fully-serviced fertility clinics and 13 satellite facilities across the UK and Ireland.
People
Bowmark Capital - David Torbet (partner).
Silverfleet Capital - Alfa Chan (partner); Sumit Dheir (principal); Peter Kisenyi (investment executive); Dominic Mitchell (associate).
Care Fertility - Simon Fishel (founder); David Burford (CEO).
Advisers
Equity - Lincoln International (M&A); PwC (financial due diligence, commercial due diligence, tax); Ropes & Gray (legal); Deloitte (debt advisory); WA Communications (political due diligence); Intuitus (IT due diligence); AJ Gallagher (insurance due diligence).
Vendor - KPMG (corporate finance).
Management - Deloitte (corporate finance).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater