Private equity firm PAI Partners has agreed to acquire a majority (67%) stake in Vamed’s pan-European rehabilitation unit, currently a fully consolidated subsidiary of European multinational healthcare company Fresenius, which will maintain a 33% stake in in the business.
PAI is making the investment through its fund dedicated to mid-market opportunities, PAI Mid-Market Fund. Closing is expected in H2 2024, subject to regulatory approval and other customary closing conditions. Approval of the transaction by Vamed in a general meeting, where Fresenius holds a requisite 77% majority, is expected shortly.
Vamed’s rehabilitation business operates 67 clinics and care centres across Germany, Austria, Switzerland, the Czech Republic and the UK. The unit is staffed by around 10,000 and provides inpatient and outpatient rehabilitation services as well as specialist acute care across neurology, orthopaedics, psychosomatics and cardiology.
PAI’s past investments in the healthcare sector include DomusVi, a specialist in the European residential elderly care sector. The Vamed transaction represents PAI’s 12th carve-out to date, the most recent being European Pizza Group in a joint venture with Nestlé last year.
