Waterland in advanced talks to buy German clinic chain, say sources-Reuters

(Reuters) – Dutch private equity group Waterland is in exclusive talks to buy Median Kliniken, Germany’s largest private sector chain of health rehabilitation clinics, two people familiar with the matter told Reuters.

The buyout group has offered to pay roughly 1 billion euros($1.26 billion), one of the sources said.

Reuters reported in July that Median, which helps patients recover from orthopaedic surgery, heart attacks, strokes and accidents, was put up for sale by its owners, buyout firm Advent International and British real estate investor Marcol.

Waterland, which owns smaller German chain of specialist clinics RHM, declined to comment. Advent also declined to comment. Marcol was not immediately available for comment.

The sale of Berlin-based Median, with annual revenue of about 500 million euros, would come just months after German healthcare group Fresenius wrapped up the 3 billion euro purchase of hospitals from rival Rhoen-Klinikum.

Fresenius paid more than 12 times earnings before interest, taxes, depreciation and amortisation (EBITDA) for Rhoen’s hospitals, Median looks set to fetch a multiple slightly shy of that.