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Amma to fetch 12x EBITDA

Caixabank's deadline to sell Spanish care group Amma on 31 June approaches. SARquavitae appears to have pulled out because of the price. We look at the three bidders left in and the possible (high) price and at other Spanish care groups that are for sale.
May 26, 2016

Asisa heads to Oman

Spanish payor-provider Asisa will operate a 70-bed secondary hospital staffed with 40 European doctors in Oman, starting in 2018.
May 13, 2016

Amma attracts many bidders

The bidding process for Spain's fifth largest group Amma continues. Three operators (Orpea, Maisons de Famille and Domus Vi) and three private equity houses (PAI Partners, Permira and Bridgepoint) have progressed to the second round after offering more than 11.5x EBITDA.
May 5, 2016

Orpea closes pricey Sanyres deal

Sources claim Paris-listed care group Orpea has closed a preliminary agreement to buy Spanish nursing home group Sanyres for nearly 13x EBITDA. Spain's market leader SARquavitae only pulled out at the last minute, we hear. But Orpea had the upper hand thanks to its strong financial muscle and Sanyres' asset-heavy operation fitted well with its approach.
April 22, 2016

PPPs back down in Spain, private sector grows

Anti-PPP regional governments in Spain are pushing hospital groups to the purely private higher-end sector. After Ribera Salud in Valencia and Quirón in Catalonia, the latest to lose a big contract is Clínica Universidad de Navarra (CUN). Groups like HM Hospitales have become highly acquisitive, whilst CUN itself will open a new hospital in Madrid's business district in 2017.
April 12, 2016

Valencian government could buy out DKV

The Valencian government might buy German insurer DKV's majority stake in the Alzira-style hospital concession in Dénia, Spain. The announcement improves DKV's prospects of exiting. Denia minority shareholder Ribera Salud, which controls three of the other four concessions in Valencia, holds the right to counterbid, but it had planned to buy DKV's stake for a token price.
April 7, 2016

Spanish bidding hots up

The bid for Spanish elderly care group Sanyres is coming to a close. As we wait for an official announcement, it appears that Paris-listed pan-European provider Orpea will pip Spain's top care group SARquavitae. Our sources expect the price to be an EBITDA multiple higher than twelve. Meanwhile, the bidding process for Spain's fifth largest group Amma has taken off. We look at the bidders and consider the sector.
April 1, 2016

So what really happened at Bupa?

After four years, in which he transformed Bupa with a £1.8bn M&A drive, the company announced that CEO Stuart Fletcher is to leave after failing to meet expectations. His departure follows 2015 results which saw a fall of pre-tax profits of 39% to £347m. Where does that leave his plans to build an international brand with strengths in services as well as insurance? What really went wrong? With 2015 sales of £9.8bn, Bupa still has heft. Outside the USA, it remains one of the two largest international private medical insurers, the largest international dentistry player, one of the largest care home groups and, probably, the largest player in outpatient care – certainly the only one with scale in four continents.
March 30, 2016

Unilabs grew organic sales 5% in 2015

Despite all the price pressures on the lab sector, Pan-European lab group Unilabs achieved 5% organic growth in 2015 and saw sales rise in every country, apart from Spain. Costs have also been cut. CEO company doctor Jos Lamers claims to have finally persuaded the big three suppliers to agree to Pan-European pricing. Unilabs debt mountain meant that it still made a net loss of €8m for the year, but that is down from over €100m in 2014. We talk to Lamers.
March 24, 2016

Unilabs grew organic sales 5% in 2015

Despite all the price pressures on the lab sector, Pan-European lab group Unilabs achieved 5% organic growth in 2015 and saw sales rise in every country, apart from Spain. Costs have also been cut. CEO company doctor Jos Lamers claims to have finally persuaded the big three suppliers to agree to Pan-European pricing. Unilabs debt mountain meant that it still made a net loss of €8m for the year, but that is down from over €100m in 2014. We talk to Lamers.
March 23, 2016
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