Global law firm White & Case LLP advised Commerzbank Aktiengesellschaft and ING Bank N.V. in connection with the financing of the acquisition of a majority stake in GHD GesundHeits GmbH Deutschland by the Swedish-British private equity firm IK Investment Partners (formerly known as Industri Kapital) from Barclays Private Equity.
In addition to Commerzbank Aktiengesellschaft and ING Bank N.V. providing senior loans, Babson Capital Europe was involved in the financing of the mezzanine tranche. The syndicate for the senior financing was led by the Luxemburg branch of Commerzbank. The purpose of the loan facilities is to finance the purchase price and to provide funds for corporate purposes.
GHD GesundHeits GmbH is Germany’s largest out-patient health, therapy and service provider. The company has a nationwide presence in healthcare in Germany. In the area of homecare, GHD supplies patients with pharmaceuticals and medical aids. In addition, GHD is engaged in the areas of rehabilitation and orthopedic technologies, ostomy and oncology for health insurance companies, hospitals, doctors and nursing services. Most recently, the company located in Ahrensburg generated revenues of around €300 million.
“The acquisition financing of GHD is the first senior/mezzanine structure in the German market since the beginning of the financial crisis. Its successful completion shows that the markets are stabilising and that in particular the market players in Germany are regaining confidence,” says Leїla Röder, Local Partner at White & Case.
The White & Case team consisted of local partner Leїla Röder (lead) and associates Malka Resnicoff (Bank Finance, Munich) and Sibylle Karnowsky (Bank Finance, Frankfurt). They were supported by partners Annica Lindegren and Dr. Tom Oliver Schorling, local partner Sibylle Münch and associate Sascha Schmidt (all Bank Finance, Frankfurt).
