Client: BC Partners
BC Partners is a leading private equity firm which focuses on a small number of larger buy out investments, and has strong expertise in healthcare companies. On disposing of the Hirslanden Group of private hospitals – a market leader in Switzerland with 13 clinics – it appointed our healthcare team to provide valuation expertise.
The solution
The project required a range of specialist skills, in particular our experience in the hospital sector and knowledge of how international private equity companies and operators evaluate trading opportunities. We also drew upon our membership of the Global Network of Realtors (an association with other surveying practices across mainland Europe), working closely with the Switzerland based, HCI International, due to its knowledge of relevant local markets, legislation and value drivers. Landlord and tenant legislation in Switzerland meant that a UK form of Opco: Propco split could not be implemented, and we provided property and valuation input into the discussions with the clients and their advisers on possible structuring issues, lease terms, etc.
Results
Our advice, valuations and well presented reporting played an important role in informing the successful sale process which successfully completed in 2007 with an enterprise value in the region of €2 billion.
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