BMI HEALTHCARE acquired by CIRCLE HEALTH
Context
: Circle Health Holdings acquired 100% of GHG Healthcare Holdings Limited, the indirect parent of BMI Healthcare, creating a combined private hospital group operating 55 hospitals and clinics across the UK. The transaction was reviewed by the UK Competition and Markets Authority (CMA), which identified competition concerns in two local markets — Bath (where the Parties were the two largest PHMS providers and competed closely) and Birmingham (where Circle's planned new hospital would have competed directly with BMI's two existing facilities). The CMA found no SLC concerns in Reading or at the national PMI pricing level. The CMA was considering accepting undertakings from Circle under Section 73 of the Enterprise Act 2002, with a deadline of April 17, 2020, failing which a full Phase 2 referral would be made. The review was conducted against the backdrop of the COVID-19 outbreak, which had temporarily placed all private hospital capacity under NHS control and delayed the planned opening of Circle's Birmingham hospital.
BMI HEALTHCARE, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
BMI Healthcare is one of the UK's largest independent private hospital operators, operating 52 hospitals and clinics throughout the United Kingdom at the time of the transaction. The group provides elective care services across virtually all clinical specialties to both NHS-funded patients and privately-funded patients — the latter comprising both self-pay patients and patients covered by private medical insurance (PMI).
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2020 | ARDIAN | SANTE CIE | FRANCE | Health Providers |
| 01/2020 | VIVALTO SANTÉ | MATHILDE MÉDICAL DÉVELOPPEMENT | FRANCE | Clinics / Hospitals |
| 07/2019 | I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENT | DOMIDEP | FRANCE | Nursing Homes |
| 07/2019 | NAXICAP PARTNERS / ARDIAN | EMERA | FRANCE | Nursing Homes |
| 07/2019 | TRITON PARTNERS | ALERIS | SWEDEN | Clinics / Hospitals |
| 04/2019 | COLISÉE | ARMONEA | BELGIUM | Nursing Homes |
| 03/2019 | DOMUSVI | RESIDALYA | FRANCE | Nursing Homes |
| 01/2019 | HUMANA | CORONARIA HOIVA | FINLAND | Nursing Homes |
| 04/2018 | INVESTINDUSTRIAL | LIFEBRAIN | ITALY | Labs (Biology) |
| 03/2018 | ICV PARTNERS | OUTPATIENT IMAGING AFFILIATES | UNITED STATES | Radiology |
REFERENCES
Revenue range: 450M - 900M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.