Tue, 13/03/2018 - 10:41
Palamon Capital Partners is to sell OberScharrer Group to Nordic Capital Fund IX (Nordic Capital). The sale, which is subject to regulatory approvals, will generate investment returns of 3.6x invested capital for Palamon. The full terms of the transaction have not been disclosed.
OberScharrer is the largest ophthalmology group in Germany, delivering more than 85,000 treatments per year through its circa 80 clinics. Key group services include cataract operations, innovative treatments such as Intravitreal Operative Drug Application (IVOM) for degenerative eye disorders, as well as non-invasive eye treatments and the diagnosis of eye disorders.
Palamon acquired a substantial majority stake in OberScharrer from its two founders in 2011 having identified the opportunity to build the national leader in the highly fragmented EUR2.4 billion German ophthalmology market. The investment was underpinned by stable market growth dynamics of approximately 4 per cent per annum, driven principally by the ageing demographics, the development of new treatments, and a structural shift in the delivery of public healthcare to an outpatient service model. Palamon worked with the Founders to build out a new management team and create a market-leading M&A capability that propelled the business to triple in size during the hold period.
Louis Elson, Managing Partner at Palamon Capital Partners, says: “This is a typical Palamon thesis-led investment, in which we identified and invested into a long-term growth trend. In OberScharrer we found the ideal platform with which to consolidate the fragmented German ophthalmology market and create a pan-regional player, but which today still only has 5 per cent market share. The opportunity for continued growth is therefore substantial and with a superb management team in place, the Company is poised for the next stage of development under Nordic Capital’s control.”
Sibylle Stauch-Eckmann, CEO of OberScharrer, says: “Palamon has been an exceptional partner to OberScharrer. The Firm’s strategic guidance and financial support has been critical in achieving our ambitious growth strategy, whilst maintaining a firm commitment to the clinical excellence that is at the heart of what we do. The opportunity for future growth remains extensive and we are excited about the prospects as we continue to build our business under the ownership of Nordic Capital.”
Dr Scharrer, co-Founder of OberScharrer Group, says: “We selected Palamon as a partner that shared our vision for regional growth and a dedication to the excellent patient service we provide. I am delighted that during the period of ownership Palamon have surpassed expectations as a strategic partner, financial supporter and investment manager.”
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