Veonet bought by PAI Partners and Ontario Teachers’ pension fund
HBI has been told that Paris based private equity firm PAI Partners and Ontario Teachers’ Pension Plan Board have agreed to acquire Germany based ophthalmology network Veonet from Nordic Capital.
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The financial terms of the deal have not been disclosed and the acquisition is subject to customary regulatory approval, but HBI understands it is likely to have had around a €2bn valuation which would make a 14-15x EBITDA multiple.
Nordic Capital bought Ober Scharrer, Germany’s largest player in a largely fragmented market, back in 2017 reportedly paying around 14x EBITDA at the time. Since then it has added to its ophthalmology holdings under the Veonet label, including the acquisition of SpaMedica, the UK’s largest cataract surgery provider, in a deal that valued the acquisition at around £300m, Vista in Switzerland, and Eyescan in the Netherlands.
HBI understands the IM has 2021 net sales at around €475m, with around €135m run-rate pro-forma adjusted EBITDA. This compares to around €135m net sales in 2018, and around £36m EBITDA. And according to the IM, Veonet is targeting just shy of €1bn net sales by 2026, and EBITDA is estimated at around €290m.
The business is split across a number of geographies with its net sales coming from Germany (44%), the UK (27%), Switzerland (15%), and the Netherlands (14%). Veonet has plans to more than double net sales over the next five years through multiple organic and inorganic growth levers.
Speaking exclusively to HBI, a spokesman for the company said: “Veonet built a strong foundation with Nordic Capital and looks forward to continuing its journey and creating even better outcomes for their patients and even more opportunities for their employees”.
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