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UNQUOTE
  • Deals

Silverfleet reaps 2.6x in Care Fertility sale to Nordic Capital

  • Rachel Lewis
  • 01 February 2022
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Private equity firm Silverfleet Capital has sold UK-based fertility clinics group Care Fertility to Nordic Capital for GBP 300m, reaping 2.6x gross money and an IRR of more than 40%.

Silverfleet acquired Care Fertility in 2019 via Silverfleet Capital II in an auction process that was marketed based on EBITDA of GBP 11m, but pro forma was closer to GBP 9m. 

The latest auction process, managed by Rothschild, saw the IVF company marketed based on EBITDA of GBP 19m, with Nordic Capital paying a 15.7x entry multiple, a source familiar told Unquote. 

During its ownership, Silverfleet helped Care Fertility to open a new clinic in Liverpool, plus acquire four further clinics in Woking, Chester, Tamworth and Leeds. 

The GP also helped the chain to acquire specialist software business Salve, which focuses on improving the patient journey and interaction with clinics. 

"It was quite a short hold for us," Silverfleet managing partner Gareth Whiley told Unquote. "We had three things that we wanted to do with the asset. One, we wanted to help consolidate its position in the UK. Two, we wanted to move forwards on being digital. Three, we wanted to take Care international but Covid stopped us from doing that because the CEO couldn't travel to meet teams."

Nordic Capital said in a statement that it will support Care Fertility in its international growth. 

Silverfleet mandated Rothschild to run an auction in December 2021, according to Unquote's sister publication Debtwire. 

Nordic preempted the final round of bidding, which was due to take place on 7 February, reported Mergermarket. Bain Capital, CVC, CapVest and KKR were also reported to be among the bidders.

Whiley added that its exit showed strength in the buy-and-build model in healthcare services and also the importance of end-to-end digitalisation. 

He confirmed that Silverfleet is still not seeking to raise another fund, despite closing its last one in June 2015, and is instead focusing on exits of existing portfolio companies. 

The deal is expected to complete in February 2022. 

The European IVF market has seen ramped-up consolidation in the past few months. KKR bought Spain-based GeneraLife in November 2021 from InvestIndustrial in a deal valued at EUR 400m, while CVC bought FutureLife, based in the Czech Republic, in December. 

Meanwhile, the sale of Spain's largest fertility company Ivirma is poised to launch, according to Mergermarket, while Sweden's Livio is also on the block. 

Company
Care Fertility operates 24 IVF clinics across the UK and Ireland. It employs 160 embryologists and doctors, helping to deliver 51,000 babies since it was founded in 1997.

In its latest filed accounts, the group had revenues of around GBP 55m, although this had a "significantly" impacted by Covid-19. 

Advisers
Vendor
– Rothschild & Co (M&A); Travers Smith (legal); PwC (financial due diligence); LEK (commercial due diligence).
Care Fertility – Browne Jacobson (legal); Deloitte (financial due diligence). 

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