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German eye care clinic chain Veonet put up for sale -sources

By Reuters

By Arno Schuetze

FRANKFURT – German eye care clinic chain Veonet has been put up for sale by its private equity owner in a potential 2 billion-2.5 billion euro ($2.4 billion-$3 billion) deal, people close to the matter said.

Nordic Capital is working with Goldman Sachs and JP Morgan on the divestiture of the company formerly known as Ober Scharrer Group, they said.

Information memorandums are expected to go out shortly to prospective bidders including private equity groups and so-called core plus infrastructure funds. First bids are expected to be due as early as mid-October.

Nordic Capital and the banks declined to comment.

The ophthalmological care group has more than 150 clinics in Europe which together serve over 1.2 million patients annually, generating 330 million euros in sales in 2020.

Veonet has regional brands such as Eyescan in the Netherlands, Vista in Switzerland and SpaMedica in Britain and may be valued at up to 20 times its expected 2021 core earnings of about 125 million euros, the people said, while others said that a valuation of more than 16 times was more likely.

Nordic Capital bought Germany-focused Ober Scharrer in 2018 and has since strengthened the group with a string of acquisitions.

Nordic Capital owns various healthcare firms in Germany, including wheelchair maker Sunrise Medical, homecare provider GHD and nursing home group Alloheim.

The investor is separately starting preparations for a divestiture of Alloheim, which has about 150 million euros in annual core earnings and could be put up for sale next year in a potential 2-billion-euro deal, people close to the matter said.

($1 = 0.8441 euros)