Bridgepoint buys Gambro’s dialysis unit

Bridgepoint has expanded its coverage of the healthcare sector with the acquisition of Gambro Healthcare, the dialysis care services division of Swedish medical technology group Gambro, bought last year by EQT and Investor AB.

Gambro was bought by EQT, a European buyout house, and Investor AB, founder of EQT and controlled by the Wallenberg family. It was de-listed from the Stockholm stock exchange after agreeing the circa €4bn sale last summer.

Almost exactly a year after receiving acceptances from the board of Gambro, EQT and Investor AB have sold Gambro Healthcare to Bridgeport for a reported €600m, which is approximately 12 times the unit’s estimated EBITDA. Bridgepoint was not available for comment.

Gambro Healthcare is the second largest corporate provider of dialysis care services in Europe with expected turnover in 2007 of €251.3m and EBITDA of €48.8m, and approximately 12,000 patients at 155 clinics in 14 countries and ancillary businesses in South America and Australia.

EQT and Investor AB were advised by Goldman Sachs, Bain, KPMG, Vinge, Aon and Deloitte. Bridgepoint was advised by Rothschild, Evli, LEK, KPMG, Marsh and Linklaters. It is understood that global private equity firms 3i and Warburg Pincus were unsuccessful bidders for Gambro Healthcare.

Other exited healthcare investments for Bridgepoint include Sweden’s Attendo, sold last December to Industri Kapital for an undisclosed sum; Medica of France, sold last July to BC Partners for €750m; UK business Robinia, a €115m sale to Barclays Private Equity in January 2006. Current investments include Alliance Medical; Swisscaps; and Tunstall.

Also last week, Bridgepoint bought Leeds Bradford International Airport (LBIA) in a transaction totalling £145.5m. The firm will implement a £70m capital expenditure plan to provide additional terminal capacity to accommodate expected increases in passenger volumes and infrastructure requirements.

Robert Venes