Bridgepoint is making its first investment of the year following two exits with the flotation of Carter & Carter and the sale of Shearings in the 3i-backed merger with Wallace Arnold.
The firm is acquiring a majority shareholding in Attendo, Sweden’s leading provider of elderly care homes, for €245m. The company is no stranger to the sector, having invested in the €330m acquisition of Medica, one of France’s top three nursing home operators, in October 2003.
Bridgepoint is acquiring a majority shareholding in Attendo and is submitting a recommended bid for the remaining shares and convertibles. The acquisition of the shares and convertibles from the current principal owners comprises about 89.4% of the total voting rights in the company after full dilution.
Attendo generates sales of about €275m and employs more than 6,000 people. It operates service contracts and does not own property. The market for care for elderly or disabled people has substantial potential in Sweden and other European countries. In Sweden alone, it is estimated to amount to more than SKr115bn (US$16.5bn)
Attendo expects to expand its operations significantly in new markets. Bridgepoint intends to be an active owner, using its industry knowledge and capital resources.