Spire Healthcare, the private hospital group owned by leading private equity firm Cinven, has reached agreement to acquire Classic Hospitals Group from LGV Capital for £145 million.
Classic Hospitals is the 6th largest hospital group in the UK with 10 hospitals around the North and South East of England, as well as two off-site consulting rooms. It was bought by LGV from BUPA in July 2005.
The ten hospitals are: Clare Park in Farnham, Dunedin in Reading, Elland in Halifax, Fylde Coast in Blackpool, Hull and East Riding in Hull, Lourdes in Liverpool, Methley Park in Wakefield, Regency in Macclesfield, St Saviours in Hythe and Yale in Wrexham. Collectively Classic Hospitals has 370 beds and employs over 2,000 staff. The ten hospitals will all be rebranded as Spire Hospitals.
Following this acquisition, Spire Healthcare, which was acquired from BUPA for £1.44 billion in June 2007, will have a total of 35 hospitals across the UK and become the second largest private hospital provider in the country.
Rob Roger, Chief Financial Officer of Spire Healthcare, said: “This is a fantastic opportunity to incorporate ten high quality private hospitals into Spire Healthcare’s portfolio. It fits with our new status as a stand-alone healthcare provider and our strategy to grow our business and focus on premium private healthcare.”
Simon Rowlands, partner at Cinven, said: “Classic Hospitals is a very high quality business with excellent facilities and people. As a result, it represents an attractive acquisition for Spire Healthcare.”
For more information please contact:
Head of Corporate Communications
Tel: 0207 656 2129
Mob: 07894 789 558
Edward Bridges/Ben Foster
Tel: 0207 831 3113
Tel 020 3124 2913
Mob: 07841 733050
Notes to editors:
Spire Healthcare is one of the leading independent hospital providers in the UK, with a 25 year heritage of customer service and clinical excellence. It was formed in 2007 from the sale of BUPA Hospitals to leading private equity company Cinven.
Spire Healthcare has 25 hospitals across the UK, providing services for private and insured patients as well as NHS funded patients under the government’s Choose and Book scheme. It also offers cosmetic and weight-loss surgery.
Its hospitals carry out more than 160,000 in-patient and day-case treatments a year and work with over 3,000 consultants. It is proud to be the first independent hospital group to publish clinical outcome data.
Cinven is one of the most prominent and successful investors in the European buy-out market. It has led transactions with a value in excess of €60 billion. Cinven has unrivalled expertise in the private healthcare market as a result of its previous investments in Générale de Santé (the leading private acute healthcare provider in France) and General Healthcare Group. Cinven currently owns Spire Healthcare, Partnerships in Care (a leading UK provider of specialist mental health and related servicing acquired in March 2005 for £522 million (€772 million)) and USP Hospitales (the leading independent operator in the Spanish private healthcare market acquired in July 2007 for £462 million (€675 million).
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