Secondary Buyout • Healthcare Services

Montagu, Ridgemont Equity Partners and Ardian Acquire Euromedic International

On September 19, 2008, private equity firms Montagu, Ridgemont Equity Partners and Ardian acquired healthcare services company Euromedic International from Warburg Pincus for 70M GBP

Acquisition Context
  • This is Montagu’s 2nd, Ridgemont Equity Partners’ 8th and Ardian’s 6th transaction in the Healthcare Services sector.
  • This is Montagu’s 27th, Ridgemont Equity Partners’ 17th and Ardian’s 62nd largest (disclosed) transaction.
  • This is Montagu’s 1st, Ridgemont Equity Partners’ 1st and Ardian’s 5th transaction in the Netherlands.
Investment Fate
  • Euromedic International was sold to a consortium of financial buyers in 2014.

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M&A Deal Summary

Date September 19, 2008
Target Euromedic International
Sector Healthcare Services
Buyer(s) Montagu
Ridgemont Equity Partners
Ardian
Sellers(s) Warburg Pincus
Deal Type Secondary Buyout
Deal Value 70M GBP

Target Company

Euromedic International

Amsterdam, Netherlands
Euromedic International is a provider of diagnostic imaging and hemodialysis treatment services in Central and Eastern Europe, with healthcare centers located in Poland, Hungary, Romania, Russia, Croatia, Bosnia-Herzegovina, Greece, Turkey and the Czech Republic. Euromedic International was founded in 1998 and is based in Amsterdam, Netherlands.
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Buyers Overview 3

Buyer

Montagu

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Montagu is an independent private equity firm focused on European management buyouts and growth capital transactions. The Firm seeks opportunities valued between €100 million and €1 billion. Sectors of interest include healthcare, medical products, financial services, software, IT, information services, and education. Montagu dates back to 1968 and is based in London.


Deal Context for Buyer #
Overall 71 of 119
Sector: Healthcare Services 2 of 3
Type: Secondary Buyout 9 of 30
Country: Netherlands 1 of 2
Year: 2008 2 of 2
Size (of disclosed) 27 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-22 Benfield Group

London, United Kingdom

Benfield Group Ltd. is a specialist reinsurance and risk intermediary. Its customers include many of the world’s major insurance and reinsurance companies as well as government entities and global corporations.

Sell $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-20 Kalle Group

Wiesbaden, Germany

Kalle Group is a supplier of industrially produced casings for meat, poultry, and other protein products. In addition to its innovative range of value-added casings, it creates a steady stream of new and customized solutions that enable new types of products. Kalle uses its technological and innovative edge to accelerate the pace of development - both in existing markets and in many emerging markets in Latin America, Eastern Europe, and Asia. Kalle Group was founded in 1863 and is based in Wiesbaden, Germany.

Sell €213M
Buyer

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.


Deal Context for Buyer #
Overall 72 of 136
Sector: Healthcare Services 8 of 16
Type: Secondary Buyout 9 of 25
Country: Netherlands 1 of 1
Year: 2008 3 of 3
Size (of disclosed) 17 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-08 AccentHealth

Tampa, Florida, United States

AccentHealth LLC is a patient-education media company at the point of care, with a mission to inspire patients to live healthier lives. AccentHealth's Patient Engagement Platform combines innovative, award-winning digital products including the waiting room television network, interactive tablets for the exam room and mobile touchpoints. AccentHealth's world class content is produced by CNN's Medical Unit, hosted by Dr. Sanjay Gupta, and by Harvard Medical School

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-14 Evoca

Milan, Italy

Evoca is a manufacturer of Hot & Cold and Snack & Food vending machines. Evoca was founded in 2000 and is based in Milan, Italy.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


Deal Context for Buyer #
Overall 116 of 465
Sector: Healthcare Services 6 of 14
Type: Secondary Buyout 28 of 155
Country: Netherlands 5 of 12
Year: 2008 15 of 20
Size (of disclosed) 62 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-05 Voice Construction

Edmonton, Alberta, Canada

Voice Construction Ltd. is a provider of civil construction services to the major operators in the Alberta oil sands and surrounding areas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-30 Photonis

Brive, France

Photonis is a designer and manufacturer of optronic components for photosensor technology and night vision systems. Photonis operates in the defense, homeland security, scientific instrumentation, and medical imaging markets. Photonis was founded in 1937 and is based in Brive, France.

Buy -

Seller Profile 1

SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


Deal Context for Seller #
Overall 43 of 265
Sector: Healthcare Services 2 of 14
Type: Secondary Buyout 6 of 47
Country: Netherlands 2 of 6
Year: 2008 5 of 5
Size (of disclosed) 61 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-05 Gangavaram Port

Hyderabad, India

Gangavaram Port is the developer of a greenfield port project, which owns the concession to build and operate a port in Gangavaram, Andhra Pradesh, located on the eastern coast of India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-05 Premier

Waterfall, South Africa

Premier is a fast-moving consumer goods (FMCG) manufacturer offering branded and private label solutions. Its strong heritage brands include Snowflake (wheat flour), Iwisa No 1, SuperSun and Nyala (maize meal), Blue Ribbon (bread), Lil-lets (feminine hygiene), Manhattan and Super C (sugar confectionery), and the Companhia Industrial da Matola S.A. food portfolio (Top Score, Polana, Florbela and Favorita) in Mozambique. Premier was formed in 1820 and is based in Waterfall, South Africa.

Buy -