ACXIT Capital Partners advises Paracelsus-Kliniken on the successful sale to the investment holding Porterhouse

Frankfurt, 15 May 2018. On 19 April 2018, the family-owned investment holding Porterhouse Group AG reached an agreement to acquire Paracelsus-Kliniken.

The ACXIT Group exclusively advised the clinic chain Paracelsus-Kliniken, the administrator and self-administration in the M&A process.

Porterhouse, a Swiss-based family office headquartered in Lucerne, Switzerland, succeeded in the Paracelsus-Kliniken M&A process. After Porterhouse has received legal clearance of the transaction, the firm aims to restructure the operating business of the clinic chain for a successful future. The termination of the insolvency proceedings under self-administration, in which the Paracelsus-Kliniken have been since December 2017, will take place prior to the closing of the transaction. Until then the current self-administration will continue to manage the company.

In coordination with the self-administration and the administrator, Dr. Rainer Eckert, the creditors’ committee of Paracelsus-Kliniken Deutschland has unanimously supported the transfer agreement with Porterhouse.

The self-administration, with the restructuring team around the general representatives Andreas Ziegenhagen, Daniel F. Fritz and Dr. Reinhard Wichels, will submit the insolvency plans directly to the court in coordination with Porterhouse. Besides the explicit restructuring measures, the insolvency plans foresee a capital increase by Portherhouse that will be used to satisfy the claims of the creditors. The decision to accept the insolvency plans remains reserved to the creditors who have to vote on the insolvency plans in the creditors’ meeting. After the approval by the creditors and implementation of the insolvency plans, the insolvency proceedings will be terminated.

After the legal takeover by Porterhouse, Prof. Dr. med. Michael Philippi, who led Sana Kliniken AG until the end of 2016, will take over the management of Paracelsus-Kliniken.

“We are pleased that we were able to find a new owner for the Paracelsus-Kliniken with the family-owned holding company Porterhouse Group AG. The creditors’ committee decided to choose Porterhouse in an intense selection process. The decision was an important step towards a successful future. The upcoming route will contain obstacles, but with Porterhouse, Paracelsus-Kliniken has now a future owner, who will give the company a new perspective,” said Dr. Rainer Eckert, Administrator of Paracelsus-Kliniken Deutschland GmbH & Co. KGaA i. I.

“For Paracelsus as well as for Porterhouse, this is a day of joy, but also of responsibility, because only as a team will we be able to bring our company back to its old strength in the long term. Together we want to rebuild Paracelsus into a stable and profitable company that grows organically and through acquisitions. Until then, it will not be easy. But we will try to seize all chances in the future. For an improved patient service and efficient processes, we will invest more in the possibilities of digitization and, with our know-how, develop Paracelsus into one of the digital lighthouse companies in the German hospital sector. Paracelsus is to become the clinic of choice for patients and employees. At this point, I would like to thank all those involved for the constructive exchange, cooperation and confidence.” Said Felix Happel, Chairman of the Board of Porterhouse Group AG.

The transaction is subject to the approval of the Federal Cartel Office. Confidentiality has been agreed on the financial aspects of the transaction. Porterhouse Group AG finances the acquisition entirely from its own funds.

 

ABOUT PARACELSUS CLINICS

Paracelsus Group is one of the largest private hospital companies in Germany with approximately 40 facilities at 22 locations. Nationwide, the group’s 5,200 employees care for more than 100,000 inpatients per year. The company is headquartered in Osnabrück.

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ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and abroad. Since 1998 ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm ACXIT maintains offices in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong as well as strong alliances in France, China, India and USA. (www.acxit.com)

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