PAI Partners acquires majority stake in VAMED’s European rehabilitation business

Photo: Dr. Axel Wahl, Part­ner at WILLKIE in Munich
6. May 2024

Frank­furt — Will­kie Farr & Gallag­her LLP has advi­sed PAI Part­ners (“PAI”) on the acqui­si­tion of a majo­rity stake in the reha­bi­li­ta­tion busi­ness of the VAMED Group from Frese­nius SE & Co. KGaA. PAI will hold a 67 percent stake through its PAI Mid-Market Fund (“PAI MMF”) and Frese­nius will hold a 33 percent stake.

VAMED opera­tes 67 reha­bi­li­ta­tion clinics, acute care hospi­tals and care centers in Germany, Austria, Switz­er­land, the Czech Repu­blic and Great Britain with more than 100,000 pati­ents annu­ally. Supported by around 10,000 highly quali­fied employees, the unit offers a compre­hen­sive range of inpa­ti­ent and outpa­ti­ent reha­bi­li­ta­tion services as well as specia­li­zed acute care. The company takes a multi­di­sci­pli­nary approach to pati­ent care, with special­ties such as neuro­logy, ortho­pae­dics, psycho­so­ma­tics and cardiology.

Stefano Drago, one of the foun­ding part­ners of PAI Mid-Market Fund, said: “Vamed’s reha­bi­li­ta­tion busi­ness is a leading Euro­pean company provi­ding essen­tial reha­bi­li­ta­tion services and has an excel­lent repu­ta­tion for deli­ve­ring high quality care. PAI will leverage its signi­fi­cant expe­ri­ence in the health­care sector — inclu­ding previous invest­ments such as DomusVi, a leading player in the Euro­pean resi­den­tial aged care sector, a field adja­cent to reha­bi­li­ta­tion — to support Vamed’s reha­bi­li­ta­tion business.”

PAI Part­ners is a leading private equity firm that invests in market-leading compa­nies world­wide. The company mana­ges assets of around €27 billion and has made over 100 invest­ments in 12 count­ries since 1994, gene­ra­ting more than €24 billion in proceeds from 60 exits. PAI has built an outstan­ding track record of working with ambi­tious manage­ment teams where unique perspec­tive, unmat­ched indus­try expe­ri­ence and long-term vision enable compa­nies to reach — and go beyond — their full potential.

Advi­sor PAI Part­ners: WILLKIE

The Will­kie team was led by part­ner Dr. Axel Wahl (Corporate/M&A, Munich) and compri­sed the part­ners Dr. Michael Ilter (Corporate/M&A), Dr. Patrick Meiisel, Dr. Bettina Bokeloh (Tax, all Frank­furt), Anne Kleff­mann (Employ­ment), Dr. Richard Röder (Global Trade & Compli­ance, both Munich), Jan Wilms (Finance, Frank­furt), Faus­tine Viala (Anti­trust & Compe­ti­tion, Paris) and David Kupka (Anti­trust & Compe­ti­tion, Brussels), the coun­sel Dr. Florian Dendl (Corporate/M&A, Munich), Chris­tian Sper­ling (Corporate/M&A), Henning Aufder­haar (Real Estate), Wulf Kring (Tax), Martin Waśkow­ski (Employ­ment, all Frank­furt), Maxi­mi­lian Mayer (Finance, Munich) as well as asso­cia­tes Dr. Tobias Gerigk, Dr. Patrick Kemper (Corporate/M&A, both Frank­furt), Nils Hörnig, Dr. Maxi­mi­lian Schatz (Corporate/M&A), Dr. Laurin Havlik (Global Trade & Compli­ance, all Munich), Dr. Phil­ipp Stein­hau­sen (Finance), Philip Thür­mer (Real Estate, both Frank­furt), Leota Walter (Corporate/M&A, Munich), Sophie Wollen­we­ber (Corporate/M&A), Sascha Wink­ler (Employ­ment Law) and Marcel Seemaier (Tax, all Frankfurt).

Other consul­tants:
Maria Heil, Guram Gobe­chia (both NOVACOS Attor­neys at Law, Germany), Dr. Phil­ipp Schr­a­der, Dr. Stefan Jeit­ler, Yvonne Wohl­muth (all E+H Attor­neys at Law GmbH, Austria), Dr. Phil­ippe Seiler, Romina Lauper (both Bär & Karrer Ltd., Switz­er­land), Martin Peckl, Silvie Kiraly (both HAVEL & PARTNERS s.r.o.Czech Repu­blic) and Dr. Kai-Uwe Plath and Dr. Moritz Schmitz (both KNPZ Attor­neys at Law — Klawit­ter Neben Plath Zint­ler — Part­ner­schafts­ge­sell­schaft mbB, Germany).

About Will­kie Farr & Gallag­her LLP

Will­kie Farr & Gallag­her LLP provi­des leading legal solu­ti­ons to complex, busi­­ness-criti­­cal issues that span markets and indus­tries. Our appro­xi­m­ately 1,200 lawy­ers in 14 offices world­wide provide inno­va­tive, prag­ma­tic and sophisti­ca­ted legal services in around 45 areas of law. Find out more at

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