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03/2021MajorityLBO

Triton Partners takes majority stake in Bergman Clinics

NETHERLANDS Health Providers / Healthcare Facilities / Clinics / Hospitals EV €1–10bn

Context

Triton completed an investment in Bergman Clinics alongside existing shareholders NPM Capital and the Malenstein family, who both retained minority positions in the business. The transaction followed a competitive sale process mandated to JP Morgan and Axeco Corporate Finance, which attracted interest from TowerBrook Capital Partners, Cinven, Bain Capital, and BC Partners before Triton emerged as the winning bidder. The process had originally been launched in early 2020 but was put on hold due to the COVID-19 pandemic before being revived in September 2020. Triton's investment is intended to support Bergman Clinics' continued geographic expansion, as well as investment in technological innovation, digitisation, and staff training.

Bergman Clinics, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

-> Deep-dive in Healthcare & Pharma market trends

Target

Bergman Clinics is one of the leading chains of independent specialist outpatient clinics in Europe, founded nearly 30 years prior to the transaction and headquartered in Naarden, Netherlands. The group operates 140 focus clinics across five countries — the Netherlands, Sweden, Denmark, Norway, and Germany — treating more than 300,000 patients per year, supported by more than 3,000 employees and over 250 medical specialists. Bergman Clinics is a multi-specialty outpatient platform offering high-quality, plannable elective medical care across a broad range of specialties including orthopaedics, ophthalmology, gynaecology, aesthetic medicine, cardiology, gastroenterology, dermatology, and vascular medicine.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
[members only]
€50–100M
[members only]
2017
[members only]
€50–100M
[members only]

Other operations with Triton Partners

Other operations with Triton Partners
DateAcquirerTargetCountrySector
08/2026TRITON PARTNERSUNITED INITIATORSGERMANYSpecialty Chemicals
06/2026TRITON PARTNERSFLENDERGERMANYSpecial Machinery
06/2026TRITON PARTNERSBUREAU VERITAS OIL & PETROCHEMICALSFRANCETIC (Testing, Inspection, Certification)
01/2026TRITON PARTNERSFORMICONGERMANYArchitecture & Engineering
07/2025TRITON PARTNERSMACGREGORFINLANDNaval
06/2025TRITON PARTNERSKEENFINITYGERMANYIT Equipment
06/2025TRITON PARTNERSPRENAX GROUPSWEDENBPO & Outsourcing
04/2024TRITON PARTNERSTRENCH GROUPGERMANYElectrical Equipment
05/2023TRITON PARTNERSUNICANETHERLANDSMulti-technical Installation
07/2022TRITON PARTNERSOCUUNITED KINGDOMUtilities Networks (Water/Fiber)

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REFERENCES

Valuation range: EV €1–10bn

EBITDA range: €50–100M

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Bergman Clinics by Triton Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: triton partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Bergman Clinics, a Dutch company specialised in Healthcare Facilities, by Triton Partners in 2021, structured as a leveraged buyout (LBO).

How was the acquisition of Bergman Clinics by Triton Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band and its EV/EBITDA multiple within the 15x - 25x range. Exact figures are available to members.

What was Bergman Clinics’s EBITDA at the time of the deal?

At the time of the transaction, Bergman Clinics’s EBITDA was estimated within the €50–100M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Bergman Clinics compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 15x - 25x in 2021, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.