Waterland Private Equity Investments is acquiring Priory Group, a provider of behavioural healthcare services in the UK.
Waterland intends to combine Priory with MEDIAN, a German provider of rehabilitation, neurology and orthopaedic treatments and portfolio company of Waterland, to create a leading European rehabilitation and mental health services provider.
The transaction is expected to complete in January 2021.
MEDIAN operates 120 clinics and facilities with 18,500 beds and places across Germany. The Group provides a range of high-quality rehabilitation, post-acute and acute treatments ranging from neurology, orthopaedics and psychiatry to sociotherapy and addiction treatments. MEDIAN treated over 230,000 patients in 2019 and consistently scores highly in patient satisfaction evaluations. MEDIAN’s digital innovations include the MEDIAN app which empowers patients to review their own treatment plans, and the M-Check tool, which helps patients reintegrate into the workplace. The Group has begun leveraging big data analytics to be able to better measure outcomes and individualise therapy pathways in a cost-effective way.
Priory Group supports more than 30,000 people a year in over 450 facilities across the UK, focusing on mental health and addiction rehabilitation, special educational services as well as adult care. The Group treats for more than 70 conditions including depression and anxiety, addictions and eating disorders.
Combining with Priory will allow MEDIAN to expand its services into new markets, bringing its unique combination of first-class medical care, high quality standards and digital expertise to deliver a superior service for patients. This new group will also see an expansion and development of the Priory’s current rehabilitation services, especially in neurology and other post-acute services.
Dr Carsten Rahlfs, Managing Partner of Waterland, says: “Both Priory Group and MEDIAN have strong reputations in clinical excellence and in delivering high-quality patient care. I believe that bringing together both organisations will build a powerful platform to deliver world-class healthcare services across Europe, encompassing rehabilitation and mental health treatments.”
Dr Andre Schmidt, MEDIAN CEO, says: “We are delighted to be partnering with a company and team as prestigious as Priory Group. They have a strong reputation for delivering innovation and quality care for patients in the UK. Demand for the services that both companies provide is set to increase as populations age, as the pressures of modern life grow, and as public healthcare systems come under fiscal pressure. Together, we stand ready to meet those needs and I am tremendously excited about the opportunities for the future.”
“I also believe we can learn from each other. At MEDIAN our motto is ‘live the life’, helping our service users to get well as soon as possible so they can return to participating actively and independently in life once more. We aim to bring investment, digital know-how and excellence of care to Priory’s service offering to help patients here to ‘live the life’ as well.”
Source: Private Equity Wire
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