Waterland Private Equity has bought a majority stake in Median Kliniken, one of the largest German residential rehabilitation (reha) chains. It already owns RHM Kliniken, another top 5 reha chain. Reliable sources say that the deal values Median’s equity and debt at just under €1bn, giving seller, private equity house Advent International, a return of nearly 2.5 times on the €400m it paid for Median in 2009. We look at prospects for reha generally and the plight of not for profit in the acute sector.