Groupe Proclif
Thanks to a great piece of origination, we were able to acquire Groupe Proclif without going through a competitive auction. We are now supporting an excellent management team grow the company which now operates eight hospitals compared with just two when we first invested.
A consolidating market
Groupe Proclif runs eight state-of-the art private hospitals in the Paris region, with 1,000 beds and 350 doctors. It is the second largest private hospital group in the Paris region.
The growing French private hospital market offers good potential for consolidation and the company is in a strong position to take advantage of this trend.
We acquired Groupe Proclif in September 2005.
Turning under-performing clinics into profitable hospitals
Before acquiring Groupe Proclif, we’d been studying the French private hospitals sector for some time. An ageing population has seen the market growing at a strong and steady pace, and the fragmented nature of the sector is ideal for an ambitious Buy and Build strategy.
Group managers, such as cardiologist Bernard Lasry, shared our vision of taking advantage of the market conditions. They themselves are recognised clinical specialists with a track record of turning under-performing clinics into profitable hospitals.
The group has a strong base upon which to conduct the dynamic build-up strategy we’re planning for the next few years. It is in a strong competitive position, its financial performance is healthy and it boasts strong and experienced management and quality medical professionals.
A strong platform for growth
At the time of the acquisition Groupe Proclif was well-placed for growth, owning and running two hospitals in the south-east of Paris. Both hospitals had developed centres of excellence in core activities and specialist surgical areas.
In January 2006, Proclif acquired two further hospitals, in the west and north-west of Paris. These were joined in January 2007 by the group’s first acquisition in Paris itself, the well-known Clinique de la Muette. The latest three hospitals to join Groupe Proclif strengthen the group’s position in the north-west and west of Paris. Each of the hospitals in the group has a reputation for a particular area of surgery, medicine or obstetrics.
The management team has been reinforced in May 2008 with the appointment of David Hilier. As former CEO of Capio in France and in the UK, David is a genuine healthcare specialist and brings his experience of managing large and growing groups of hospitals.
We are now working closely with Proclif’s executive management to strengthen the team, develop and support an acquisition strategy and make the business more attractive to potential trade buyers.