STOCKHOLM, June 2, 2022 /PRNewswire/ -- Medicover has signed an agreement to acquire 100 per cent of the business of MeinDentist and enter the German dental market. The acquisition is subject to customary merger control and regulatory approvals and is expected to be consolidated from Q4.
MeinDentist is a leading provider in the Berlin area consisting of 16 clinics, 15 in Berlin and 1 in Potsdam with 147 dental chairs. Eight of the clinics are mature and the others are in development phase. Revenue for 2021 amounted to EUR 31.4 million, whereof two thirds are public pay and one third is private insurance and Fee-For-Service.
The acquisition is fully paid cash on hand and debt free. The transaction price is not published but represents a higher single digit trailing EBITDA multiple based upon the mature clinics performance.
The German dental market is Europe's largest and is estimated at EUR 28.8 billion, growing 3-4 per cent per annum.
"This is a unique opportunity to acquire a leading provider in the Berlin area and enter the German dental market expanding the range of health services we provide in Germany. MeinDentist will work as a good foundation for continued expansion of dental services in Germany. Our experience of growing dental services in Poland combined with our strong history in German health care provision gives us good prospects to develop further", says Fredrik Rågmark, CEO Medicover.
For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
+46 703 033 272
hanna.bjellquist@medicover.com
Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities,laboratories and blood-drawing points and the largest markets are Poland and Germany. In 2021, Medicover had revenue of EUR 1,377 million and more than 38,000 employees. For more information, go to www.medicover.com
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