DC Advisory advised a Consortium comprising OMERS, Goldman Sachs AM and AXA IM on the acquisition financing of amedes

Background

• amedes Group (amedes) is a leading provider of medical diagnostics services in Germany, Belgium and Austria
• amedes provides specialty medical diagnostic testing, leveraging its 75+ laboratories and medical sites to support the needs of the healthcare industry through the delivery of quick, accurate and reliable diagnostic services
• amedes conducts more than 400,000 test analyses per day including, polymerase chain reaction (PCR) tests
• amedes also provides a wide variety of medical tests for patients, doctors and hospitals, including oncological, genetic, microbiological and pathological tests
• DC Advisory (DC) previously advised Antin Infrastructure Partners (Antin) on their acquisition of amedes in 2015

Process

• DC was engaged by a consortium of infrastructure investors comprising OMERS (through OMERS Infrastructure), Goldman Sachs AM and AXA IM in early 2021 to provide buy-side debt advice to support its acquisition of amedes
• DC leveraged its ongoing experience with the asset and its extensive social infrastructure sector knowledge to successfully lead this process
• DC led a number of detailed workstreams to secure the Certain Funds TLB financing to support the bid, including:
  
  • Debt structuring
  • Negotiations with financing providers
  • Financial modelling
  • Business plan and due diligence review
  • Support in documentation negotiations
• DC also subsequently advised the consortium throughout the public rating and syndication process, including:
  
  • Credit and rating positioning
  • Syndication strategy

Outcome

• The consortium agreed to acquire 100% of amedes from Antin in July 2021, and the transaction is expected to close in November
• DC ensured all financing work streams were successfully completed during a competitive time pressured process, which delivered a highly successful outcome to both the consortium and amedes
• DC delivered the consortium’s key objectives to secure a highly attractive acquisition financing package arranged by bookrunners, Barclays, J.P. Morgan, Credit Agricole CIB, Natixis, UBS, and UniCredit, and comprising:
  • A publicly rated TLB issuance
  • Highly tailored documentation flexibility as required for the consortium of infrastructure investors
  • Competitive final economics and terms secured
  • A significant RCF to support in the delivery of continued growth of the business