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.

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.