CVC invests in FutureLife

Wahida Ahmed
22 December 2021

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CVC Capital Partners has acquired a co-controlling holding in FutureLife, a Prague-based healthcare provider.

CVC is investing via CVC Fund VIII. The vehicle closed on EUR 21.3bn in July 2020, surpassing its target of EUR 17.5bn, according to Unquote Data. The fund targets companies with enterprise values of between EUR 1bn-5bn and equity ticket sizes are usually around EUR 200m-1bn.

The vehicle has invested in Away Resorts, a UK-based recreational services provider, earlier this year in June 2021; and in Business Integration Partners, an Italy-based business support service, in May 2021; it also invested in Ekaterra, a Netherlands-based provider of soft drinks, and Medivet Partnership, a UK-based provider of specialised consumer services. Other investments include Panzani, a France-based food company, and Rayner Surgical Group, a medical supplier based in the UK.

Hartenberg Holding, an investment company, focuses on businesses based in Central Europe; it owns a majority stake in FutureLife.

Mergermarket reported in November 2021 that Hartenberg Holding was pursuing a stake sale and that information memorandums had been distributed for the process, led by Lincoln International and involving a minority stake of at least 30%. It also reported that FutureLife could have an enterprise value of around EUR 480m-600m, based on multiples of 12x-15x its EUR 40m EBITDA. According to a press release, FutureLife is expected to post 2021 revenues of EUR 180m.

Mergermarket reported in May 2020 that the company was pursuing a stake sale - although Hartenburg managing partner Jozef Janov said at the time that the holding was not planning to sell FutureLife or a stake in it even though it was approached by undisclosed strategic investors.

Company
FutureLife is headquartered in Prague and is a provider of IVF, related genetics and women's health services. It is present across eight European countries including the Czech Republic, the UK, Slovakia, the Netherlands, Romania, Finland, Estonia and Ireland. It performs 39,000 IVF cycles annually and has a workforce of more than 1,000.

People
CVC Capital Partners - István Szőke (managing partner); Cathrin Petty (managing partner and head of healthcare).
FutureLife - Matěj Stejskal (CEO).
Hartenburgh Holding - Jozef Janov (managing partner).