Financial News

  • 27 June 2014, 14:52

Rich List Tycoon Plots 800m Euromedic Sale

A medical services provider part-owned by funds linked to Britain's fifth-wealthiest family is considering a sale that could add to their vast fortune.

Sky News has learnt that Euromedic International, which offers diagnostic imaging and cancer detection to patients across Europe, is to launch a strategic review that is likely to lead to a change of ownership.

Euromedic is 60%-owned by Ares Life Sciences, a Jersey-based fund set up in 2008 with the backing of Ernesto Bertarelli, one of the world's most successful biotech executives.

Along with his wife Kirsty, a former Miss UK who has just released her debut album as a solo artist, Mr Bertarelli's wealth was estimated by the recent Sunday Times Rich List at 9.75bn.

A two-time winner of the America's Cup yacht race, the Swiss-Italian billionaire is also a major investor in London's property market through Crosstree, a separate fund.

Investment bankers at HSBC are being drafted in to oversee the Euromedic review, with a process potentially concluded before the end of the year, according to insiders.

People close to the situation said that Euromedic was likely to be worth in the region of ?1bn (800m), with buyers expected to emerge from the investment community as well as healthcare rivals.

Euromedic's sale will come at a time of growing demand for advanced diagnostic services, although it has also been forced to weather cuts in government health spending in some of the markets in which it operates.

The company operates 145 diagnostic and cancer treatment centres in 14 countries, including Ireland, Italy, Switzerland and Turkey.

It employs more than 3,000 healthcare professionals, including 800 doctors, according to Euromedic.

The other principal shareholder is Montagu Private Equity, which is based in London, and whose 30% stake is likely to be worth in the region of 240m.

Senior Euromedic executives also own a small chunk of the business.

Euromedic last changed hands in 2008 in a deal valuing it at ?800m (640m), although since then it has disposed of its dialysis care arm for more than 400m.

None of those involved with the strategic review would comment on Friday.

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