Eugin Group acquired by Fresenius

SPAIN Health Providers / Outpatient Care EV €300–700M

Context

Fresenius Helios, the hospital and healthcare services division of Fresenius SE & Co. KGaA, acquired Eugin Group from NMC Health, a UAE-based listed healthcare group, through a dual acquisition structure targeting both the global ex-US operations (via Luarmia S.L.) and the US operations (via NMC Eugin US Corporation, holding 70% of Boston IVF). The remaining 30% of Boston IVF continues to be held by its senior physicians. The transaction establishes Fresenius Helios as a leading international fertility services provider and creates a new dedicated business and reporting unit — alongside Helios Germany and Helios Spain — with a mandate to pursue further buy-and-build expansion.

Eugin Group, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Healthcare & Pharma sector (14.6x in 2020).

-> Deep-dive in Healthcare & Pharma market trends

Target

Eugin Group is one of the leading international fertility and assisted reproduction groups, headquartered in Spain and operating a network of numerous clinics and sites across 9 countries and 3 continents. Eugin offers a wide spectrum of state-of-the-art fertility treatment services. The group was transformed from a local Spanish player into a global leader within five years through a combination of healthy organic growth and strategic acquisitions, most notably the 2019 acquisition of Boston IVF — one of the leading US fertility clinic chains — creating one of only two fertility groups with a truly global footprint.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Fresenius

Other operations with Fresenius
Date	Acquirer	Target	Country	Sector
03/2022	FRESENIUS	MABXIENCE	SPAIN	CDMO
03/2022	FRESENIUS	IVENIX	UNITED STATES	Diagnostic Equipment
09/2017	FRESENIUS	NXSTAGE MEDICAL	UNITED STATES	Diagnostic Equipment

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12/2020	MEDIAN KLINIKEN	PRIORY GROUP	UNITED KINGDOM	Clinics / Hospitals
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REFERENCES

Valuation range: EV €300–700M

EBITDA range: €25–50M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Eugin Group by Fresenius 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: fresenius

FAQ

What transaction does this page cover?

This page covers Fresenius’s acquisition of 100% of Eugin Group, a Spanish company specialised in Outpatient Care, in 2020.

How was the acquisition of Eugin Group by Fresenius valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Eugin Group’s EBITDA at the time of the deal?

At the time of the transaction, Eugin Group’s EBITDA was estimated within the €25–50M bracket (FY 2021). Detailed financial figures are available to members.

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

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Healthcare & Pharma sector (14.6x in 2020).

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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