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Ramsay targets France

Plans for further acquisitions in France were announced by Chris Rex, managing director of Ramsay Health Care, this week. French tariff reductions of 2.5% may create opportunities in the market he claims. But it remains too early to assess the acquisition of General de Santé (GdS), according to analysts.
May 8, 2015

Limits of growth for private hospitals

One theme which came through strongly at Healthcare Europa 2015 was the limit to private acute hospital growth in western Europe. And yet buyers continue to demand higher multiples.
April 30, 2015

Labco IPO values EBITDA at 9-10 times

Pan-European lab group Labco hopes to raise €320m gross of new money through an IPO which will also see existing shareholders sell between €120m and €238m of shares. The IPO means an enterprise value of €1.26bn to €1.4bn, valuing forecast 2015 EBITDA at just ten times. Bankers and exiting shareholders have their fingers and legs firmly crossed – Labco’s public offering closes on May 11, the EU deadline given to Greece. We look at the valuation and what Labco plans to do with the money.
April 30, 2015

Interview: Bruno Marie, CEO, Almaviva Santé

After 20 years in banking, Bruno Marie quit in 2007 to set up Almaviva Santé. The regional chain with seven private hospitals near Marseille is the second largest player in Provence-Alpes-Côte d'Azur (PACA) and in 2014 bought a 250 bed hospital near Paris. The group has particular specialisations in orthopaedics, ophthalmology, cardiology and gastroenterology. Almaviva is backed by investment company Gimv and UI Gestion and currently manages over 750 beds and 65 operating rooms, employing over 1,000 staff and 600 independent physicians.
April 23, 2015

Labco comes to market at last

French lab group Labco has released its prospectus and is expected to IPO in the first half of 2015 - our sources say May is most likely. It expects to raise €320 million from the deal. Investors will be attracted by solid EBITDA margins of 18.4% on revenue of €650m in 2014 – calculated on a pro forma basis to include earnings of recent acquisition SDN Group. But the highly regulated lab market presents substantial challenges.
April 17, 2015

Australia’s largest radiotherapy provider GenesisCare expands to Europe

GenesisCare, Australia’s largest private provider of radiotherapy, is expanding to Europe, a source close to the group has confirmed. Fellow Aussie, Ramsay Health Care has announced two of its hospitals in Southern England will now provide radiotherapy services using GenesisCare.
April 17, 2015

Unilabs on road to recovery

Company doctor Jos Lamers appears to be hitting his targets to turn around Unilabs, the Pan-West European lab group that he joined as CEO 18 months ago. He has certainly been active – 8 out of the top 11 managers have changed, as have 40% of the top 100 employees!
April 15, 2015

$500m investment in Russian and East European nursing homes

French elderly care group GDP Vendôme will assist Russian property developer Glubina, to develop a network of nursing homes in Russia and Eastern Europe over seven years. It follows what look like similar deals in China for GDP Vendome and rival Orpea.
March 19, 2015
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