Permira backs pan-European healthcare merger

Permira formed a newco to facilitate the joining of the two companies. It stated that the combination of two complementary businesses operating in different markets will provide asset management and service expertise across the lifecycle of high-end medical systems and other clinical medical devices.

The two companies will retain their names for use in the markets in which they operate, and will retain their respective headquarters.

Both companies aim to improve end-user patient care and reduce patient waiting times, as well as to modernise and improve the efficiency of their equipment. The group's customers include hospitals and diagnostic imaging clinics across Europe.

Permira's investment will be used to support the leadership team's growth plans.

Company
Founded in 2009, Mesa provides diagnostic imaging services, spare parts, equipment and asset management solutions to more than 600 clinics and hospitals. Headquartered in Lugano, it operates in 11 other countries including Italy, the UK, Germany, Poland and Spain.

It manages 2,800 medical devices, such as MRI, CT, PET CT, angio-cardiac and other general x-ray systems. Mesa also provides real-time system monitoring and data analytics focused on system efficiency.

Mesa was originally founded as the European arm of US-based Masterplan. Masterplan was acquired by Aramark Healthcare in early 2011, while Mesa underwent a management buyout in December that year. It has approximately 70 employees.

Asteral was founded in 2011 as a healthcare business delivering asset finance solutions to the NHS. It now provides medical equipment solutions to 37 hospitals in the acute healthcare sector. In the 2012-2013 financial year, Asteral generated a turnover of £29m and reported assets under management of £150m. The Reading-based company has 97 employees.

People
Robert Piconi, Mesa's executive chairman and founder, will lead the new group. Christopher Langley, former managing director of Asteral, becomes special adviser to the new company's board. Mubasher Sheikh is principal and head of the healthcare sector at Permira.

Advisers
Equity - Clifford Chance (Legal); EY (Corporate finance).

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