Triton seals second strong exit from Smaller Mid-Cap fund with Meine Radiologie sale to EQT Infra


European private equity house Triton has agreed to sell German radiology and radiotherapy player Meine Radiologie to EQT Infrastructure after seeing turnover surge at the company since its 2019 buyout.

Triton picked up the business when it was known as Deutsche Radiologie Holding using its €448m Smaller Mid-Cap Fund I, and quickly drove expansion of the company from nine to 37 locations.

MRH’s turnover increased from €25m in 2018 to €32m in 2019 and €72m last year, while the number of employees increased from about 100 in 2018 to 500 last year.

The deal is the second exit from Triton’s Smaller Mid-Cap Fund I following the sale of Eleda in January last year. The vehicle targets returns of more than 2.5x MOIC, and is understood to have significantly over-achieved this for both of its exits to date.

Triton hauled in an above-target €815m for Smaller Mid-Cap Fund II earlier this year.

Frankfurt-headquartered MRH provides radiology diagnostics and therapy, as well as radiation treatments for malignant and benign diseases, to patients across Germany.

Andi Klein, managing partner and head of Triton Smaller Mid-Cap, said, “We see large growth and consolidation potential in the German healthcare market, particularly in the small and mid-cap segment, where succession planning remains an important topic.

“We look forward to continue investing in companies in the healthcare sector and to support their accelerated growth based on Triton’s long experience in the sector.”

Earlier this year Triton scored a 2.4x return selling Danish pipe maker Logstor to trade buyer Kingspan Group after an “impressive turnaround” at the business, AltAssets understands.

Triton closed its fifth main buyout vehicle on its €5bn hard cap in 2019, smashing its €4bn target.

It previously raised €3.3bn for Fund IV in 2013.

Copyright © 2021 AltAssets

Get the latest PE News & Research delivered to your inbox every morning