Silverfleet Capital acquires stake in fertility clinic group CARE Fertility
Munich, London, Paris — Silverfleet Capital, a pan-European private equity firm, has acquired a majority stake in CARE Fertility Holdings Limited (“CARE”). Headquartered in Nottingham, England, the company is a leading operator of fertility clinics in the United Kingdom. CARE’s above-average success rates are based on a strong scientific and clinical approach. The parties have agreed not to disclose details of the transaction.
Founded in 1997, the company operates nine clinics and 13 offices in the United Kingdom and Ireland. Since its inception, CARE has helped launch the birth of more than 30,000 babies. The company’s success rate across all key metrics is among the highest in the UK. With extensive research and development activities, CARE is an innovation driver in the industry. The company leverages data and clinical expertise to pioneer cutting-edge treatments and procedures to market.
The investment in CARE is based on Silverfleet’s extensive experience in healthcare and its strategy of investing in high-growth markets — in this case, fertility services — and helping companies expand domestically and internationally. With the help of Silverfleet, CARE will continue its strong, diversified growth trajectory. This includes expanding the clinic network in the UK, developing new products and services to improve patient success rates, and making further acquisitions to consolidate the highly fragmented market in order to build an international platform in the fertility clinic sector.
The investment in CARE is Silverfleet’s ninth overall from the current fund and complements a portfolio that includes companies in the UK, France, Scandinavia and Germany.
Alfa Chan (photo), Partner at Silverfleet and responsible for healthcare investments, says: “CARE is the clear market leader in a sector that shows high growth potential as the demand for fertility services continues to increase. The CARE brand has a strong reputation and treatment outcomes are leading the market. We look forward to working closely with the management team and employees to further develop the business.”
David Burford, CEO of CARE, adds, “Silverfleet is the ideal partner to take our company to the next level of its growth. Silverfleet’s impressive track record of helping companies execute their growth plans, as well as their extensive investment experience in the healthcare sector, will be very valuable. I’ve known the Silverfleet team for a long time and look forward to implementing our plans together.”
The Silverfleet team for this transaction includes Alfa Chan, Sumit Dheir, Peter Kisenyi and Dominic Mitchell, based in Silverfleet Capital’s London office.
Lincoln (M&A), PwC (Financial, Commercial & Tax), Ropes & Gray (Legal, Corporate), Deloitte (Debt Advisory), WA Communications (Political), Intuitus (IT) and AJ Gallagher (Insurance).
Apollo provided the debt capital.
About CARE Fertility
Founded in 1997, CARE Fertility is the leading fertility service provider in the United Kingdom, having successfully launched the birth of more than 30,0000 babies since its inception. CARE is an internationally recognized brand and is synonymous with innovation with leading fertility success rates driven by clinical excellence and continuous improvement.
Today, CARE Fertility operates nine CARE clinics and 13 offices, providing comprehensive coverage in the United Kingdom and Ireland.
About Silverfleet Capital
Silverfleet Capital has been active as a private equity investor in the European mid-market for more than 30 years. The 30-strong investment team works from Munich, London, Paris, Stockholm and Amsterdam.
Eight investments have already been made from the second independent fund closed in 2015 with a volume of 870 million euros: The Masai Clothing Company, a women’s fashion wholesaler and retailer headquartered in Denmark; Coventya, a French developer of specialty chemicals; Sigma Components, a UK-based manufacturer of precision components for civil aviation; Lifetime Training, a UK-based provider of training programs; Pumpenfabrik Wangen, a manufacturer of specialty pumps based in Germany; Riviera Travel, an operator of escorted group tours and cruises based in the United Kingdom; 7days, a German supplier of medical workwear; and Prefere Resins, a leading phenolic and amino resin manufacturer in Europe.
Silverfleet achieves value growth by investing in companies in its core sectors that benefit from specific, long-term trends. Silverfleet supports these companies in their future growth strategies. As part of these strategies, investments are made in organic growth drivers, internationalization, strategic acquisitions or operational improvement processes. Since 2004, Silverfleet Capital has invested €1.9 billion in 28 companies.
Silverfleet specializes in four industry focus areas:
Business and financial services, healthcare, manufacturing, and retail and consumer goods. Its extensive experience in the healthcare sector is based on several successful previous investments — including Aesica (pharmaceutical contract development and manufacturing) and Sterigenics (contract sterilization services), which generated returns of 3.3x and 3.6x, respectively.
Since 2004, the private equity investor has invested 33 percent of its assets in companies headquartered in the DACH region, 31 percent in the U.K. and Ireland, 19 percent in Scandinavia and 17 percent mainly in France and the Benelux countries (includes an investment headquartered in the U.S. and sourcing in Belgium).