CBRE Leisure and Alternative Investment Supports Major European Healthcare Deal
London, 4 November 2009 - Following competition approval from the European Commission, Marcol and Advent International have completed the acquisition of MEDIAN Kliniken, Germany’s largest private rehabilitation care provider.
Median 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.
Marcol and Advent plan to build MEDIAN into a €1billion business within the next five years through organic growth, expansion and further acquisitions. Completion of the acquisition follows many months of negotiations with the vendors, joint venture partners and lenders. A specialist team from CBRE led by Philip Cropper from Real Estate Finance, Tom Morgan from Leisure and Alternative Investment and Charles Ingram Evans from Building Consultancy were instructed to provide valuation and real estate advice to support the acquisition in addition to full technical due diligence on each of the 27 clinics.
The instruction required collaboration between various internal teams, the existing clinic management team and our clients’ legal and financial advisers.
“This deal represents one of the first major cross border transactions in the European Healthcare sector post credit crunch and we were delighted to support Marcol and Advent” says Tom Morgan. “There are good indications of other significant opportunities emerging in 2010 with operational and financial buyers aiming to transact.”