Groupe Bruxelles Lambert (GBL), the Belgian investment firm, has acquired a majority stake in pan-European outpatient group Affidea.
The GP emerged as a final round bidder alongside Unilabs’ owner AP Moller and French laboratory group Biogroup, as reported.
Affidea provides diagnostic imaging, oncology and other outpatient services across 15 countries. It was marketed off an EBITDA of more than EUR 100m in a January-launch sales process, as reported by Unquote’s sister publication Mergermarket.
GBL said it will invest around EUR 1bn of equity in the transaction. The new sponsor says it will strengthen Affidea in its core markets as well as accelerate M&A into new, fragmented European markets.
B-Flexion, the family investment office formerly known as Waypoint Capital, will fully exit the asset but management will reinvest.
It had owned the asset since 2014 and earlier tried to launch a process to sell a minority stake, as reported.
GBL has a long-term objective to increase the share of private assets within its portfolio to 40%, up from 25% at the end of 2021.
The transaction is expected to close in Q3 2022.
Advisers
B-Flexion – Goldman Sachs and Jefferies (M&A); Latham & Watkins (legal).
GBL – Citi (M&A); Bain & Company (commercial); Kirkland & Ellis (legal)
