mynth
← DATABASE
10/2014100%

Median Kliniken acquired by Waterland

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

Context

Waterland Private Equity agreed to acquire 100% of MEDIAN Kliniken from Advent International and British real estate investor Marcol. Concurrently with the acquisition, Waterland announced its intention to sell MEDIAN's real estate portfolio through a sale-and-leaseback arrangement with a US real estate investor over the following months, effectively separating the operational business from its property assets. Following closing, Waterland planned to merge MEDIAN with its existing portfolio company RHM to create a significantly enlarged German rehabilitation platform, and to pursue further bolt-on acquisitions particularly in intensive care to broaden MEDIAN's medical offering.

Median Kliniken, which reported an EBITDA margin of [members only] in 2013, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

-> Deep-dive in Healthcare & Pharma market trends

Target

MEDIAN Kliniken is a leading German provider of rehabilitation, post-acute, and acute care services. The group is recognised for its high standards of clinical quality, strong patient satisfaction ratings, and a progressive digital innovation agenda — including the MEDIAN app (enabling patients to review their own treatment plans) and the M-Check tool (supporting workplace reintegration). MEDIAN has been built through an aggressive buy-and-build strategy under Waterland, completing 21 bolt-on acquisitions prior to the Priory transaction.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2013
€450–900M
€50–100M
[members only]
2012
€450–900M
€50–100M
[members only]

Other operations with Median Kliniken

Other operations with Median Kliniken
DateAcquirerTargetCountrySector
07/2023MEDIAN KLINIKENHESTIA ALLIANCESPAINClinics / Hospitals
12/2020MEDIAN KLINIKENPRIORY GROUPUNITED KINGDOMClinics / Hospitals

Other operations with Waterland

Other operations with Waterland
DateAcquirerTargetCountrySector
10/2026WATERLANDMILIEU SERVICE GROEPNETHERLANDSCollection & Recycling
10/2026WATERLANDTERR ASIAFRANCEB2B Specialized Distribution
08/2026WATERLANDNORISOLDENMARKSpecial Machinery
07/2026WATERLANDPRIMELINE GROUPIRELANDWarehousing / 3PL
11/2025WATERLANDZICHT CONSULTANTSNETHERLANDSStrategy & Management
01/2025WATERLANDLAVOLLÉE GROUPFRANCEIndustrial & Technical Distribution
12/2024WATERLANDGUINIER 1823FRANCEFinishing Works
07/2022WATERLANDONOREFRANCEFood Products

Similar deals in Health Providers

Similar deals in Health Providers
DateAcquirerTargetCountrySector
04/2015SUMMIT PARTNERS / VAM INVESTMENTSDENTALPROITALYDental Centers
01/2015CERBA HEALTHCARENOVESCIAFRANCELabs (Biology)
09/2014EURAZEOCOLISÉEFRANCENursing Homes
06/2014PAI PARTNERSDOMUSVIFRANCENursing Homes
03/2014EQT PARTNERSI-MED RADIOLOGY NETWORKAUSTRALIARadiology
07/2012MANAGEMENT & PRIVATE INVESTORSLVL MEDICAL GERMANYGERMANYOutpatient Care
06/2012AIR LIQUIDEORKYN (EX LVL MEDICAL)FRANCEOutpatient Care
12/2010SAGA GROUPNESTOR HEALTHCARE GROUPUNITED KINGDOMOutpatient Care
06/2010PAI PARTNERSCERBA HEALTHCAREFRANCELabs (Biology)
05/2010HG CAPITALFRÖSUNDASWEDENHealthcare Facilities

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €50–100M

EV/Revenue range: 1x - 3x

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 Median Kliniken by Waterland 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

Target: median kliniken

Acquirer: waterland

FAQ

What transaction does this page cover?

This page covers Waterland’s acquisition of 100% of Median Kliniken, a German company specialised in Healthcare Facilities, in 2014.

How was the acquisition of Median Kliniken by Waterland valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Median Kliniken’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Median Kliniken generated annual revenue estimated in the €450–900M range and EBITDA in the €50–100M bracket (FY 2013). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 10x - 18x in 2014, 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.