Mediobanca acted as sell-side financial advisor to KOS in the sale of Medipass to DWS Infrastructure.
On September 7th 2020, KOS, 59.5% controlled by CIR – Compagnie Industriali Riunite S.p.A. (“CIR”) with F2i Healthcare (“F2i”) holding 40.5%, announced it has reached an agreement with DWS Infrastructure (“DWS”) to sell 100% of the share capital of Medipass S.r.l. (“Medipass” or the “Group”). The perimeter of the Transaction includes Medipass’ Italian and UK operations (“Medipass European Business”) while KOS will retain Clearmedi and Clearview, Medipass’ Indian subsidiaries.
Founded by Guglielmo Brayda di Soleto in 1990 and headquartered in Bologna, Medipass is a leading provider of clinical and high technology healthcare services for Cancer Care and Advanced Diagnostic Imaging with operation in Italy (market leader), UK and India. The company offers its services predominantly to private but also public healthcare providers through 3 distinct service models: (i) Clinical Services, (ii) Managed Equipment Services (“MES”) and (iii) Clinics.
DWS Infrastructure is a leading infrastructure investor with global reach and is one of the largest and most successful infrastructure investors with a c. 24-year investment track-record, 64 assets acquired across the infrastructure spectrum, including renewables, waste management, midstream energy, ports and airports in Europe, Asia and the America, and a global team of approximately 40 professionals with approx. € 20.8bn of assets under management as of December 2019.
The Transaction is in line with KOS’ strategy to further strengthen and refocus its resources on the growth of its core business (RSA management both in Italy and abroad).
This Transaction has a strong rationale for DWS Infrastructure, which expects to exploit Medipass as consolidation platform of cancer care and diagnostic imaging services in Europe.
The Enterprise Value of the Transaction is €172m (including earn-outs), for an implied EV/EBITDA 2020E multiple of 11.7x.
This deal represents an important transaction for the healthcare space, reinforces the strong relationship of Mediobanca with CIR and F2i and proves Mediobanca’s capability to assist the clients throughout unprecedented market and operating conditions and successfully close a non-standard competitive process during the lockdown.