Sale of Median Kliniken to leading private equity firm, Waterland
Marcol Healthcare, part of Marcol, and Advent International acquired Median in 2009. Since then, they have supported Median in its regional expansion, in diversifying the Group’s therapy range and in strengthening its position in the German rehabilitation market.
Over the past five years, Median has acquired 18 clinics and invested more than EUR 100 million in the modernisation of its existing facilities. The focus at all times has been on providing the highest-quality post-acute rehabilitation. Between 2009 and 2014, the Group increased the number of clinics from 27 to 45 and the number of beds from 6,300 to 9,500. The number of employees grew from approximately 3,700 to about 7,500. Today, Median has developed a nationwide presence in Germany and is one of the partners of choice for hospitals and payors. For the Full Year 2014, the Group expects revenues of approximately EUR 500 million (2009: EUR 270 million).
This transaction to subject to antitrust approval.
Dr. Carsten Rahlfs, Principal of Waterland, commented: “MEDIAN is an impressive company with an excellent reputation in post-acute rehabilitation. At the same time, we have deep knowledge of the German healthcare sector, having been active as an investor in this market for many years. We will support MEDIAN in expanding its medical-therapeutic offering and ensuring high-quality treatment for patients at even more locations.”
With the support of MARCOL and Advent, as well as the management team led by CEO Hartmut Hain, MEDIAN has significantly enhanced its offerings in the rehabilitation sector. For example, MEDIAN has invested in its clinics in Berlin-Grünheide and Magdeburg as part of the expansion of existing neurological specialist clinics. The Group also expanded its partnerships with leading medical institutions, including the Berlin Charité, amongst others. MEDIAN also established a partnership with the German Ski Association (DSV) to treat its professional athletes.
“We thank Advent and MARCOL for supporting the expansion of MEDIAN and for their constructive cooperation in further diversifying our therapeutic offering,” said Hartmut Hain, CEO of MEDIAN. “We are in an excellent position to continue developing our offerings and provide patients with the highest quality therapies. This also refers to our new premium offering, through which we have entered a new segment and are able to support more patients.”
Holger Schnoes, Director at Advent International in Frankfurt, said: “We would like to thank the MEDIAN management team and employees for their dedication to building a successful company and providing the highest quality medical service to patients and payors. They have combined MEDIAN’s historically strong competencies in the field of post-acute rehabilitation with new and innovative offerings. We believe MEDIAN now has an even stronger profile and is well-positioned to enter the next phase of its development.”
A spokesman for the sellers from Terence Cole and Mark Steinberg’s MARCOL in London added: “Whilst we are delighted with the sale after five years of ownership, enhancing and improving the business, Waterland has acquired in MEDIAN an extremely strong company with a leading position and a highly qualified and motivated management team who we have no doubt will lead the business going forward with its expansion plans. We wish both MEDIAN and Waterland every success.”