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Cinven streamlines Spire Healthcare ahead of IPO

24 May 2010

London-headquartered buy-out firm Cinven has enlisted property agency DTZ to sell seven of Spire Healthcare’s 37 hospitals so it can pay down debt and become a leaner operation ahead of a planned initial public offering, according to The Times.

Before pushing ahead with an IPO, Cinven will wait to see what the UK’s new coalition government has in mind for private healthcare businesses and will evaluate the success of General Healthcare Group’s expected £1bn (€1.16bn) autumn float. It is understood that Spire will not list this year.

Cinven acquired Bupa Hospitals in 2007 for £1.44bn (€1.67bn) and reportedly spent a further £145m (€168.4m) buying another 11 former Bupa hospitals from LGV Capital before relaunching Bupa as Spire Healthcare.

Private equity firms are currently circling the Priory Group, owned by UK bank RBS. The mental healthcare facilities provider, best known for its admission of celebrities for drink and drugs rehabilitation, could be sold to help RBS augment its balance sheet.

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