Bridgepoint sealed two exits in mid-November, which between them will return more than €700 million in distributions to investors in the firm’s fourth fund.
Last week Medipole Partenaires, a French private hospital group which Bridgepoint acquired in 2011, said it had entered into exclusive talks to merge with with Elsan, a slightly larger French hospital operator which was acquired by CVC Capital Partners in 2014. The deal is expected to close in early 2017.
Bridgepoint has also agreed to sell Oasis Dental Care, a UK-headquartered group of more than 380 dental clinics, to healthcare group Bupa in a transaction valuing the business at £835million. The firm acquired Oasis in 2013 for £183 million (€214 million; $227 million) from UK-focused mid-market firm Duke Street. The sale of the business to Bupa will generate a money multiple of 4x for Bridgepoint’s LPs, PEI understands.
During the course of Bridgepoint’s ownership, Oasis acquired 191 dental practices, entered the Irish market, offered longer and more convenient opening hours and tripled EBITDA, the firm said in a statement.
“Bridgepoint has been very good at asking us what our world will look like and how we can make sure we’re winning in five years’ time,” said Justin Ash, Oasis’ chief executive officer. “It’s been a very motivating way to run a business.”
As of the end of June 2016, Bridgepoint’s 2008 fourth fund was generating an IRR of 17.4 percent and an investment multiple of 1.8x, according to a source with knowledge of the fund.