European private equity investor IK Investment Partners has acquired a majority stake in Germany’s largest homecare services provider for €300 million from Barclays Private Equity.
German investment bank Commerzbank and financial services provider ING Group are underwriting the senior debt facilities for the transaction, with investment manager Babson providing the mezzanine facilities, according to a source with knowledge of the situation.
The equity side of the transaction comes from the “IK2007” fund which closed on €1.7 billion in October 2007. Other investments from the fund include another in the healthcare sector, Scandinavian dental care provider Colosseum Dental.
The deal is one of many private equity investments in the homecare services space. In January, Kohlberg & Company exited US-based homecare provider Critical Homecare Solutions in a $358 million sale, whilst August Equity completed six bolt-on acquisitions for portfolio company and UK-based community-care provider Enara Group.
Founded in 1992 by director Andreas Rudolph, GHD is the market leader for homecare services in Germany, with 2010 revenues expected to be around €300 million. As a result of bolt-on acquisitions in recent years – including three in 2008 – the company now provides additional services such as hospital management, nursing, as well as supplying medical products and prescription pharmaceuticals.
BPE originally acquired GHD in August 2007 for an undisclosed amount.