Spire Healthcare (United Kingdom) - Jan 2008

LGV has sold Classic Hospitals Group to Spire Healthcare, the group of former BUPA Hospitals, now owned by Cinven for £145m. It is believed that LGV recouped approaching 3x its money and an IRR of approximately 50% from the divestment. The deal sees Classic Hospitals’ portfolio of 10 hospitals reunited with other former BUPA hospitals under the Spire umbrella. Having received a number of approaches for the business, LGV hired Rothschild to run a sale process in which solely UK-based trade players competed. Michael O’Donnell led the exit deal for LGV.

Cinven acquired 26 BUPA hospitals for £1.44bn in 2007, naming the business Spire Healthcare shortly afterwards (2 July 2007, page 26).

Sourced from: UK & Ireland unquote" 363 (Feb 2008)

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