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12/2019100%

Bmi Healthcare acquired by Circle Health

UNITED KINGDOM Health Providers / Healthcare Facilities / Clinics / Hospitals REV €450–900M

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 [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the Healthcare & Pharma sector (14.3x in 2019).

-> Deep-dive in Healthcare & Pharma market trends

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).

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
€450–900M
[members only]
[members only]
2018
€450–900M
[members only]
[members only]

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REFERENCES

Revenue range: REV €450–900M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Bmi Healthcare by Circle Health 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.

FAQ

What transaction does this page cover?

This page covers Circle Health’s acquisition of 100% of Bmi Healthcare, a British company specialised in Healthcare Facilities, in 2019.

What was Bmi Healthcare’s revenue at the time of the deal?

At the time of the transaction, Bmi Healthcare’s annual revenue was estimated within the €450–900M range (FY 2019). Detailed financial figures are available to members.

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

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 14.3x EBITDA during 2019.

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?

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