Bridgepoint has sold Terveystalo, a Finnish private healthcare provider that it has owned since 2009. The business has been sold to EQT VI for an undisclosed sum.
Bridgepoint today announces that Terveystalo, the Finnish private healthcare provider that it has owned since 2009, has been sold to EQT VI for an undisclosed sum.
Terveystalo is the leading healthcare provider in Finland, offering occupational health and primary healthcare services including surgery at over 130 hospitals and clinics that cover 90% of the population.
During Bridgepoint’s period of ownership, €160 million was invested in the group’s clinic network, IT infrastructure and service delivery, including €120 million to fund three strategic and 12 bolt-on acquisitions. As a result, EBITDA more than doubled under Bridgepoint ownership with the number of employees also rising from 4350 to nearly 6500. In 2012 revenues were €455 million and EBITDA was €52.3 million.
Håkan Johansson, partner responsible for Bridgepoint’s investment activities in the Nordic region, said:
“The acceleration in Terveystalo’s performance was the result of a business change programme that included significant investment in clinic infrastructure, service delivery and marketing coupled with a strengthening of the group’s management team. That operational transformation is now complete and Terveystalo is the most highly rated healthcare provider in Finland with a leading market position that has attracted further investment from a new shareholder. ”
Terveystalo chief executive Yrjö Närhinen added:
“Bridgepoint not only invested in Terveystalo to develop the business but indirectly in the Finnish healthcare sector. Our decision to focus on clinical, operational and customer service quality has proven to be a successful one that has benefitted customers, staff and the Finnish healthcare sector itself. As the market leader we are now ready for the next chapter in our story.”
The sale of Terveystalo will bring total cash proceeds realised from Bridgepoint portfolios in the year to date to c. €1.5 billion.
Advisers for Bridgepoint included: Morgan Stanley (corporate finance), Avance Attorneys (legal), E&Y (tax & accounting), Marsh (insurance) and BCG (market due diligence).
The transaction is subject to standard competition clearances and is expected to be completed in the fourth quarter of 2013.
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Bridgepoint is a European private equity firm focussing on the acquisition of companies valued up to €1 billion. With some €11 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. It has offices throughout Europe in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and a portfolio development office in Shanghai. Bridgepoint is currently investing a €4.8 billion buyout fund, Bridgepoint Europe IV.