Sanoptis operates eye clinics in cities such as Munich, Berlin, Düsseldorf, Kiel, Braunschweig, Basel and Bern.
Photo: Sanoptis
Frankfurt According to financial circles, the eye clinic chain Sanoptis, which operates in Germany and Switzerland, is being prepared for a sale. Owner Telemos, a UK financial investor, has hired Rothschild investment bank to organize a majority or minority stake lawsuit that could begin in February or March and value the company at more than a billion euros, several people familiar with the matter said .
“It’s about looking for another shareholder to gain equity for the planned expansion,” said company boss Volker Wendel to the Handelsblatt. Telemos and the management wanted to stay involved. The sale of twice as big rival Veonet is already advanced and could be sealed before Christmas.
Clinic operators and specialist doctor chains are a popular asset class for investors who rely on the demand for medical services to rise continuously in an aging society and that they can exit at a profit after a few years. There have already been a number of deals in the sector this year.
In July, the holding company EQT took over the radiology companies Blikk and Meine Radiologie and merged them. Following the IPO of the laboratory chain Synlab in April, the competitor Amedes was sold to three infrastructure investors in July and rival Unilabs was put up for sale this month. The sale of the Alloheim clinic chain is also in preparation, according to financial circles, but should not start until next year.
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According to financial circles, the sales process for Sanoptis should start in the first quarter of 2022. The company, with an expected operating profit (Ebitda) of around 70 million euros in 2022, could be valued at more than 15 times that, as those familiar with the matter said. It is expected that financial investors in particular will show interest. Rothschild declined to comment, Telemos had not yet been reached.
Around 200 locations in Germany and Switzerland
Before the start of the Sanoptis auction, Telemos is waiting for the outcome of a similar deal: According to financial circles, financial investor Nordic Capital has put Veonet, formerly known as the Ober-Scharrer Group, up for sale. The holding companies PAI, BC Partners and Partners Group have already advanced to the second round of bids.
Veonet operates 150 eye clinics in Europe, which together treat over 1.2 million patients annually. A valuation between two billion euros and 2.5 billion euros is expected. A deal could still be signed for Christmas. Nordic Capital and the bidders declined to comment.
Sanoptis operates eye clinics in cities such as Munich, Berlin, Düsseldorf, Kiel, Braunschweig, Basel and Bern and has expertise in around 200 locations in Germany and Switzerland. Founded in 2019 by Telemos, the company, which is headquartered in the Swiss municipality of Zug, has gradually acquired many locations. The group specializes in diagnostic and surgical ophthalmic treatments, including cataract (lens replacement) surgery and the treatment of age-related macular degeneration. The company with more than 1,500 employees has an annual turnover of more than 200 million euros.
More: Laboratory market on the move: Following Synlab’s IPO, competitor Unilabs is up for sale.