Axios Pro: Health Tech Deals
May 11, 2022
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🌮 Hello, Health techies (Or tacos? Read on to see what we mean.)

1 big thing: Eight years later, Permira exits Althea

Illustration: Megan Robinson/Axios

Permira is selling Althea Group, a Milan-based medical equipment services provider for European health care providers, Sarah writes.

Why it matters: Althea is one of Europe's largest independent providers of integrated health care technology management, working with more than 2,700 health care facilities across 18 countries.

  • Its more than 3,000 employees manage 1.4 million-plus medical devices, and Althea claims its hospital partners benefit from its "integrated, vendor-neutral and high-quality service at an affordable cost."

Driving the news: Amid an agreement to sell Althea to a consortium including F2i and DWS, Reuters reports the transaction commanded an enterprise value of "well above" €1 billion ($1.06 billion).

  • F2i is an Italian infrastructure fund manager and DWS, an infrastructure investor, is investing via the portfolio company Inframedica.
  • Rothschild advised Permira on the sale.

Yes, but: What does "well above" imply? Have any clarity? Write to us.

  • Permira declined to comment.

Flashback: EQT and BC Partners were reportedly eyeing the company during a 2019 sale process for the company.

  • Price talk was around €800 million ($891m) at that time, but Althea never transacted.

Between the lines: This is a company that has scaled through a proactive consolidation playbook under Permira's about eight years of ownership.

  • The platform was formed via the 2014 marriage of Switzerland's MESA and the U.K.'s Asteral, and it followed with buys including those for Italy's IBSL Group and TBS Group.
  • Per PitchBook, Permira injected €161 million in the initial 2014 platform deal.
  • The company's total acquisition tally? 14.

The bottom line: While a relatively long hold, Permira looks to have made out well on this one.

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