Marcol Completes Largest Private Equity Deal in Germany in 2009
Following competition approval from the European Commission, Terence Cole and Mark Steinberg's Marcol has completed the acquisition of MEDIAN Kliniken with its partners Advent International.
MEDIAN is Germany’s largest private rehabilitation care provider. It owns and operates 27 rehabilitation and acute clinics at 19 locations throughout East and West Germany, with over 6million sq ft of real estate, 6,300 beds, around 4,500 employees and an annual turnover of circa €300million.
Completion of the acquisition follows many months of negotiations between Marcol and MEDIAN’s founders. Mark Steinberg states: “MEDIAN has one of the best management teams in the industry and is in a strong position to lead the consolidation drive, in a very fragmented sector, whilst maintaining and improving its primary position in the provision of services to the post acute rehabilitation sector. These include a wide range of areas, such as oncology, neurology, geriatrics, orthopaedics, cardiology and psychotherapy.”
The professional advisers appointed to assist in the acquisition include Rothschild, McKinsey, Lovells, CB Richard Ellis and Ernst & Young, who between them undertook extensive evaluation of the current business and future expansion potential.
Terence Cole adds: “We aim to build MEDIAN into a €1billion business within the next five years and substantial funds have been committed to support growth plans. Opportunities exist to grow organically as well as through expansion and further acquisitions.”
The growth plans will be developed and implemented by a management team led by new CEO Martin Siebert. A PhD graduate in both law and medicine, Dr Siebert was previously Principal Director and Deputy Chairman of Asklepios Kliniken and he brings significant experience to MEDIAN.
Marcol, which has a further €500million of acquisitions under consideration, selected partners Advent International for its knowledge and experience of the healthcare industry. The Boston-based private equity firm recently acquired Craegmoor Healthcare, the UK’s largest independent provider for specialist care for adults and young people and prior to this they acquired Casa Reha, one of Germany’s largest nursing home operators.
02.11.2009
