M&A Deal Summary

EQT and PSP Investments Acquire Cerba HealthCare

On March 30, 2021, private equity firm EQT and pension PSP Investments acquired healthcare services company Cerba HealthCare from Partners Group AG and PSP Investments

Acquisition Highlights
  • This is EQT’s 13th and PSP Investments’ 3rd transaction in the Healthcare Services sector.
  • This is EQT’s 4th and PSP Investments’ 3rd transaction in France.

M&A Deal Summary

Date 2021-03-30
Target Cerba HealthCare
Sector Healthcare Services
Buyer(s) EQT
PSP Investments
Sellers(s) Partners Group AG
PSP Investments
Deal Type Secondary Buyout

Target

Cerba HealthCare

Issy-les-Moulineaux, France
Cerba HealthCare is an operator of clinical pathology laboratories, with a number one position in France and strong market positions in Belgium and Luxembourg. The majority of Cerba's revenues are generated via routine lab tests. Cerba HealthCare was founded in 1967 and is based in Issy-les-Moulineaux, France.

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Buyer(S) 2

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 250 of 317
Sector (Healthcare Services) 13 of 14
Type (Secondary Buyout) 69 of 97
Country (France) 4 of 6
Year (2021) 9 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-18 Desotec

Roeselare, Belgium

Desotec is an environmental service company focusing on mobile purification solutions mainly based on activated carbon technology. Desotec was founded in 1990 and is based in Roeselare, Belgium.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 Exeter Property Group

Conshohocken, Pennsylvania, United States

Exeter Property Group specializes primarily in industrial real estate across the U.S. and Europe through an array of Value-Add and Core return investment vehicles, as well as managed accounts. Exeter Property Group is based in Conshohocken, Pennsylvania.

Buy $1.9B
Buyer

PSP Investments

Investor Investor Investor Investor Investor


Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 24 of 29
Sector (Healthcare Services) 3 of 3
Type (Secondary Buyout) 8 of 9
Country (France) 3 of 3
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-13 Alpha Trains Luxembourg S.à r.l.

Luxembourg, Luxembourg

Alpha Trains Luxembourg S.à r.l. is a private operating lessor of rolling stock (passenger trains and locomotives). Alpha Trains owns 416 passenger trains and 363 locomotives and offers tailor-made leasing solutions, comprehensive know-how in maintenance and vehicle repairs as well as long-term experience in the financing of new build projects. Alpha Trains is based in Luxembourg.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-03 Angel Trains

London, United Kingdom

Angel Trains is an operator of UK passenger rolling stock leasing companies created as part of the privatization of the UK railways, comprising approximately 3,600 electric and diesel railway engines and carriages. Angel Trains was founded in 1994 and is based in London, United Kingdom.

Buy -

Seller(S) 2

SELLER
DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


DEAL STATS #
Overall 18 of 25
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 11 of 16
Country (France) 1 of 1
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-12 Fortum Oyj - District Heating Platform

Espoo, Finland

The District Heating Platform operates across Estonia, Latvia, and Lithuania has 74 generation assets, which generate a heat capacity of 881 MW and a power capacity of 130 MW across 387 kilometers of district heating networks. The District Heating Platform's fuel is largely derived from renewable or recycled sources, mainly biomass. Growing demand for district heating is being driven by several transformative trends in the region, including fast-growing economies and urbanizing populations, as well as rising support for sustainable energy initiatives.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-05 Axia Women s Health

Voorhees, New Jersey, United States

Axia Women's Health provides a highly integrated platform of non-clinical business and administrative support services, such as accounting, HR, insurance, IT, and practice management services, to its network of physician practices across the US. Axia has partnered with more than 80 care centers comprising 150 locations and supporting 475,000 patients annually, which offer a wide range of care, including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other sub-specialties. Axia is at the forefront of delivering women's healthcare via a truly integrated model that treats patients across different phases of life, while supporting physicians' clinical autonomy and ability to focus on care. Partners Group will draw on its extensive experience transforming other leading multi-site healthcare businesses to support Axia's patient-centric value creation plan. Key initiatives will include expanding in-demand ancillary services; improving patient experience, outcomes and engagement; and continued accretive M&A in both its existing geographical footprint and new regions. Axia Women's Health was formed in 2017 and is headquartered in Voorhees, New Jersey.

Buy -
SELLER

PSP Investments

Investor Investor Investor Investor Investor


Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.


DEAL STATS #
Overall 4 of 8
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 1 of 3
Country (France) 1 of 1
Year (2021) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-13 Alpha Trains Luxembourg S.à r.l.

Luxembourg, Luxembourg

Alpha Trains Luxembourg S.à r.l. is a private operating lessor of rolling stock (passenger trains and locomotives). Alpha Trains owns 416 passenger trains and 363 locomotives and offers tailor-made leasing solutions, comprehensive know-how in maintenance and vehicle repairs as well as long-term experience in the financing of new build projects. Alpha Trains is based in Luxembourg.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-03 Angel Trains

London, United Kingdom

Angel Trains is an operator of UK passenger rolling stock leasing companies created as part of the privatization of the UK railways, comprising approximately 3,600 electric and diesel railway engines and carriages. Angel Trains was founded in 1994 and is based in London, United Kingdom.

Buy -