GED Capital, a private equity group operating in the lower/mid-market segment in Spain, has successfully closed the negotiation of the seventh investment in its Buy Outs fund, GED VI España, after acquiring the Eugin business for Europe and Latin America.
Eugin, which was owned by the German private healthcare group Fresenius, who acquired it just over 3 years ago, is one of the world's leading assisted reproduction groups. The company, founded in 1999 in Barcelona, has 69 clinics in 11 countries and a workforce of more than 1,700 employees.
The transaction is part of a sale process organised by Lazard, in which mainly international private equity funds have expressed interest. In the end, it was GED, together with IVIRMA (a leader in the assisted reproduction sector, backed by KKR), that were able to form a consortium. Thus, Eugin's businesses in 6 European countries (Spain, Italy, Sweden, Denmark, Latvia and Portugal) and 3 Latin American countries (Brazil, Argentina and Colombia) have been acquired by GED, while the businesses in the USA and Canada have been acquired by IVIRMA.
The final closing of the transaction is subject to customary regulatory approvals.
The corporate perimeter acquired by GED, with a turnover of approximately 100 million euros, includes more than 35 clinics, as well as the central services, located at the Barcelona headquarters, where the group is managed. It is a platform with a strong global brand recognition, being one of the main players in all the geographies where it operates, with a top-level management and medical team, focused on improving assisted reproduction techniques and protocols to achieve better results, thanks to its high R&D capacity.
A sector on the rise and in full consolidation
The global market for assisted reproduction is valued at approximately 8.9 billion euros and is expected to continue to grow at annual rates of around 10% over the next few years. Spain is one of the most attractive markets in Europe both in terms of size and expected growth.
This growing market trend is directly related to the socio-cultural and demographic changes affecting society, where couples are finding it increasingly difficult to conceive due to various factors such as delayed motherhood, or the deterioration in the quality of both male and female gametes, as a result of less healthy lifestyles.
Enrique Centelles Satrústegui, GED’s Managing Partner, said: "We are convinced that the acquisition of Eugin's European and Latin American perimeter will be a great investment. This is an excellent platform for growth, with great brand recognition and prestige within the clearly expanding activity of assisted reproduction. With more than 25 years in the sector, the medical excellence is validated and GED will seek to further develop, strengthen and consolidate the Eugin brand globally.”
About GED (www.gedcapital.com)
GED is an independent asset manager founded in 1996 that operates in the middle-market segment. It currently manages more than 1 billion euros through various Private Equity, Infrastructure and Venture Capital vehicles.
GED has a universe of more than 50 domestic and foreign investors, including mainly pension funds, funds of funds, insurance companies, family offices and financial institutions.
About Eugin (www.eugin.es)
Eugin is an assisted reproduction company founded in Barcelona over 25 years ago, operating in 11 countries through 69 clinics.
The company performs more than 45,000 treatments a year with the help of its more than 1,700 specialists in human reproduction.
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