Capio to acquire a German eye specialist clinic in Bremen
Capio has signed an agreement to acquire 100% of the shares in Medizinisches Versorgungszentrum Universitätsallee GmbH, including its subsidiaries (“Augenklinik Universitätsallee”). The clinic is specialized in ophthalmology and offers complex treatments of all parts of the eye, including cataract surgery. Net sales in 2016 were MEUR 9.6. The acquisition of Augenklinik Universitätsallee represents a new specialty for Capio in Germany and strengthens the healthcare offering of the German operations.
Augenklinik Universitätsallee is located centrally in Bremen and performs annually about 6,000 surgeries and 6,000 other treatments. The clinic serves both publicly remunerated and private pay patients, and to some extent also international patients. Around 70% of sales is publicly remunerated, while the remaining 30% refers to private pay patients. One of the two former owners of Augenklinik Universitätsallee will continue his involvement in the company and secure continuity and knowledge transfer.
“We are very pleased with the opportunity to acquire Augenklinik Universitätsallee, which is a well-established ophthalmology business focused on Modern Medicine. Capio already today offers ophthalmology treatments in several markets, and is through Capio Medocular one of the largest private companies within ophthalmology treatments in the Nordics. The acquisition of Augenklinik Universitätsallee opens up for further exchange of knowledge and experience between operations in different countries, and improvements of quality and productivity – for the benefit of our patients”, says Thomas Berglund, President and CEO of Capio.
The size of the German market for ophthalmology is estimated around EUR 3 billion (2014). The market is relatively fragmented and the market share for single practices is in total around 75% and there are no large players of substantial size. Two types of treatments, of cataracts and age-related macular degeneration, account for about 64% of eye surgery expenditures in Germany. Eye diseases are to a large extent age related, and the market is consequently expected to grow with the forecasted demographic development in Germany (with an increasing share of the population being elderly). An ageing population combined with a higher prevalence of eye diseases from lifestyle effects (such as e.g. diabetes), is expected to lead to a general increase in the demand for eye treatments.
Enterprise value, i.e. purchase price plus acquired net debt, is approximately MEUR 10, corresponding to about MSEK 95. The acquisition also includes an agreed possible future earn-out of maximum MEUR 3 based on the future financial performance. The acquisition is expected to be closed and included in Capio from April 2017, and is expected to contribute positively to Capio’s earnings during 2017.
For information, please contact:
Kristina Ekeblad, IR manager
Telephone: +46 708 31 19 40
Henrik Brehmer, SVP Group Communication and Public Affairs
Telephone: +46 761 11 34 14
This information is information that Capio AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on March 24, 2017.
Capio AB (publ) is a leading, pan-European healthcare provider offering a broad range of high quality medical, surgical and psychiatric healthcare services through its hospitals, specialist clinics and primary care units. Since the Danish operation was acquired at the beginning of 2017, Capio operates in five countries; Sweden, Norway, Denmark, France and Germany. In 2016, Capio’s 12,435 employees provided healthcare services during 4.7 million patient visits across the Group’s facilities, generating net sales of MSEK 14,069. Capio operates across three geographic segments: Nordic (54% of Group net sales 2016), France (38% of Group net sales 2016) and Germany (8% of Group net sales 2016). For more information about Capio, please see www.capio.com.