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Report: Recession failed to force healthcare reform

How did the crash hit European public healthcare systems? Seven years on, an exhaustive new book by a dozen academics, Economic Crisis, Health Systems and Health in Europe, suggests the deep recession has had little impact. The book’s 500 pages narrow down on how countries responded to the crisis. Interestingly, when Healthcare Europa looked at […]

Capio’s IPO – test balloon or crash test dummy?

Capio, the Swedish, German and French hospital group, owned mainly by Apax and Nordic Capital, is to float 25-37.5% of its shares on the Swedish NASDAQ at a fixed price of SEK48.5. The multiple looks low. That reflects political uncertainty and low EBITDA margins. The IPO will be closely watched by other large Swedish private healthcare groups. Read on for our analysis.

All change in the French lab space

Biomnis and Bio-Access are both close to getting new owners. That will herald the arrival on the scene of a major quoted industrial.

Property in Poland?

Surveyors are starting to push Poland as a possible market for healthcare property deals.

Eurofins for Biomnis?

Biomnis, one of the two large French reference labs, could be bought by Eurofins, which claims to be the world leader in food and environmental lab services. Eurofins, which is quoted, is one of two remaining bidders, according to a French news report.

Cinven scoops Labco (revised story)

Private equity house Cinven is to buy Labco for an enterprise value of just €1.2bn. The news came two weeks after Labco’s IPO failed. We reflect here on the EBITDA multiple and at what this means for the rationalisation of the European market. Who will Cinven buy next?

Cinven scoops Labco at silly price

Private equity house Cinven is to buy Labco for an enterprise value of just €1.2bn. The news came two weeks after Labco’s IPO failed. We reflect here on the EBITDA multiple and at what this means for the rationalisation of the European market.

Orpea acquires Germany’s third largest rehabilitation operator Celenus Kliniken

Orpea, Europe's second largest residential care group, has acquired Celenus Kliniken, Germany’s third largest provider of rehabilitation and psychiatric services. German brokers say that prices have soared with reha and care home opcos up from four times EBITDA in 2013 to a base line of six times with some bidders not flinching at 8-10 times. We speak to Bruno de la Rochebrochard, equity research analyst at investment bank Bryan Garnier, about the deal and the sector.

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