Nordic private equity group CapMan has bought a majority shareholding in a Swedish healthcare provider.
Nordic private equity group CapMan has bought a majority shareholding in a Swedish healthcare provider.
Nacka Närsjukhus Proxima, which offers its services in the greater Stockholm area, was bought by funds managed by the group.
CapMan’s investment was made through its Buyout VIII and Life Science IV funds, in which the group is a substantial investor.
The company was sold by management and staff as well as by Praktikertjänst, Sweden’s largest private health care services provider.
CapMan holds some 80% of the company’s shares with the management team owning the remainder of the shares.
The group’s investment was complemented by senior debt provided by Kaupthing Singer, which was arranged by Johannes Nyberg, Christoffer Wildeke and Max Jonson.
CapMan partner Mats Gullbrandsson said it decided to back the company due to the growing need for healthcare services driven by an aging population. “Nacka Närsjukhus Proxima is a well managed and established healthcare service provider and our goal is, together with the management team, to build the company into a full-scale healthcare service provider preserving high quality as a starting point.”
CapMan partner and former chief executive of private hospital Sophiahemmet, Björn Nordenvall, added: “The company is led by an experienced, knowledgeable and driven management team with a long track record in medicine and healthcare.”
Nacka Närsjukhus Proxima’s founder and chief executive, Monika Jansson, said she is pleased that CapMan has become a major shareholder with its experience and network. “The investment provides us an opportunity to invest in Nacka Närsjukhus’ further growth and development.”
The vendors’ received financial services from Nordic investment bank ABG Sundal Collier.
Its team was led by partner Thomas Blomqvist. He was supported by Erika Björklund and Sven Zetterqvist.
“ABG Sundal Collier structured the divestiture as a tight two-staged auction process and advised the vendors on all financial, structural and tactical aspects of the transaction throughout the process,” Blomqvist said. “The auction was highly competitive, indicating the attractiveness of the Swedish private healthcare sector.”
The vendors appointed Hamilton Advokatbyrå to manage a seller due diligence review of the target company and to assist the vendors in legal matters regarding the transaction.
Its team was led by partner Christoffer Hamilton, who has advised Praktikertjänst for several years and who was assisted by Gabriel Albemark, Marie Landhage-Renström and Alexander Nilsson.
“The object of the transaction is a privately owned, but publicly funded hospital, which raised various interesting legal and other questions both with regard to the vendor legal due diligence performed by Hamilton and with regard to negotiations with different bidders,” Hamilton said.
“The hospital has a dedicated management team, which with the help of Praktikertjänst has built Nacka Närsjukhus to be the leading private provider of specialised healthcare in Sweden. The future prospects of the company, now with the private equity firm CapMan as backer, are bright.”
Nacka Närsjukhus Proxima is a modern healthcare provider that offers specialised services from emergency unit to complex surgery within various specialities such as orthopaedics.
The company was founded in 2000 by its management and personnel and last year’s sales totalled €19.3 million (£12.9 million).
ABG Sundal Collier is a leading Nordic investment bank providing a wide range of services to corporations as well as to institutional and private investors, including securities brokerage and equity research, mergers & acquisitions advisory as well as equity capital markets services. ABG Sundal Collier operates from offices in five countries: Sweden, Norway, Denmark, the UK and the US.
