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Spanish election creates uncertainty

Sunday’s regional and municipal elections have shaken up Spain’s political landscape. Left-wing parties have increased their vote causing concern for private healthcare operators. Ribera Salud, a hospital group with large public concessions, probably faces a coalition led by the Socialists in its Valencia heartland.
May 28, 2015

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.
May 28, 2015

Labco imports Silicon Valley eHealth

Lab group Labco plans to offer its 25m European patients preventative ehealth, including genome data, by importing BaseHealth, a US online patient platform. We speak to BaseHealth founder and chief scientific officer Houssein Fakhrai-Rad and Labco’s project lead Emeli Masferrer i Fons.
May 22, 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

IDC Quiron denies IPO

IDC Quiron, the largest Spanish hospital group, is denying a Reuters story that claims that private equity house CVC is considering an IPO in late 2015 or early 2016. Reuters claims the IPO would value the company at €5bn. What does all this tell us about the wider Spanish market?
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

FREE BLOG Liberating Europe’s largest private healthcare property market

By a long way, German acute hospitals represent the largest healthcare property portfolio in Europe. So far, they have been off limits to property investors. But will it stay that way? We explore some of the issues ahead of the Healthcare Europa 2015 conference, where we have a special session on healthcare property.
March 27, 2015

Clinica Baviera pre-tax profit falls by 23%

Clinica Baviera, Europe’s only quoted ophthalmology group, increased sales by over 3% but with pre-tax profit and EBITDA both down, its overall performance appears to have been hamstrung by its international operations. We speak to Meritxell Pérez de Castro-Acuña, head of investor relations at Clinica Baviera, about its results.
March 5, 2015

European healthcare property market grew by 33% in 2014

The European sale and leaseback healthcare property market grew by 33% in 2014, a new study by Your Care Consult reveals. We speak to Stéphane Pichon, managing director at Your Care, about the market and its prospects.
March 5, 2015
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