Most pre-COVID sales processes now closed
In August last year, just two of the big sales processes launched just before the pandemic had been agreed. A year later and most of the assets have now sold with a lot of the movement coming from the mid-market.
Click here to see the HBI Deals Pipeline, which shows you how likely assets are to sell in the next twelve months.
The biggest anticipated exit was Cinven and Synlab. That finally came to fruition in April when Synlab took to the Frankfurt Stock Exchange with around a €4bn market cap. Although investors still don’t seem to be convinced by its growth story: its shares were priced at the bottom of the indicative range and have largely traded flat since then
The owners of one of the two sales processes still pending, Apax/Unilabs, had been waiting to see how the Synlab IPO played out and are yet to make any new public moves.
Ten more of the fifteen assets have sold over the past year with just Diaverum and Unilabs still awaiting new buyers.
The biggest changes have happened in the mid-market. None of the pre-COVID processes valued at €1bn or under had sold in August last year but now all have found buyers. The latest was Everlight Radiology, which sold just a couple of weeks ago. While Dentix hasn’t sold the whole business, it did sell a sizeable chunk of its clinics to Advent at the beginning of the year.
To see how likely all private-equity owned healthcare assets are to sell in the next twelve months, click through to the HBI Deals Pipeline.
We would welcome your thoughts on this story. Email your views to Rachel Lewis or call 0207 183 3779.
