Dresdner Kleinwort Capital (DrKC) has led an E18m investment in Clínica Baviera S.A., a Spanish ophthalmologist and has taken a minority shareholding in the company.
DrKC invested E10m on behalf of Dresdner Bank. Dresdner Kleinwort Benson Private Equity Limited (DrKBPEL) has also invested E3m on behalf of one of its client funds. Other investors are Spanish financial institutions with co-investment arrangements with DrKC.
The cash raised will help finance the company’s plans to open 30 new clinics throughout Europe. Clínica Baviera is aiming to open its first clinic outside of Spain in Milan in June of this year.
Clínica Baviera is a leading private medical provider of ophthalmologic services in Spain. It offers a range of services including refractive surgery, cataract correction and retinology. It generates a significant amount of its revenue from surgical laser treatments for the correction of refractive disorders.
The company has more than 50,000 patients on its records and its 12-month sales figure as at November 2000 was E22m. Growth estimates for the company in the next 4 years are 50 per cent per annum.
Luis Camilleri, investment manager for DrKC will take a seat on CB’s board together with Juan D Laviada, head of DrKC’s Spanish team. Camilleri said: ”This is one of the world’s pioneers of using state-of-the-art technology to correct visual deficiencies and diseases. It has invested heavily in R&D to develop and improve new techniques in this area. The ophthalmology market has seen dramatic changes in the last 10 years and studies reveal demand for ophthalmology services using laser treatment will grow enormously in future. Clínica Baviera is well placed to take advantage of the business opportunities this burgeoning market will offer.”
DrKC has a team of 5 investment professionals in Spain and is a shareholder in various other Spanish companies such as Jazztel, E-Netfinger, IP Sistemas and Laboratorios Alcalá Farma as a result of private equity investments.