Submitted12/07/2021 - 9:01amEQT Infrastructure has agreed to acquire Meine Radiologie Holding (Meine Radiologie) from Triton Partners and Blikk Holding (Blikk) from DBAG Fund VII, a private equity fund advised by Deutsche Beteiligungs AG (DBAG).DBAG will remain a minority shareholder in the combined group given its experience supporting Blikk and high conviction in the long-term attractiveness of the sector. Terms and conditions of the transaction are not disclosed.Meine Radiologie and Blikk were both founded in 2017 and have since then grown to become two highly reputable radiology players in Germany, together employing more than 1,300 people across 65 locations. Both companies are underpinned by long-lasting medical experience from their respective management teams and radiology practices.Following the closing of the transactions, the combination of the two companies will create a leading radiology and radiotherapy platform in Germany. EQT Infrastructure is committed to supporting the long-term development and growth of the combined group and providing the necessary resources to accelerate investments in technology, innovation and talent in order to continue enhancing medical excellence, expanding capabilities in adjacent specialties and driving an ambitious digitalization agenda.As a long-term investor with an industrial and responsible ownership approach, EQT Infrastructure will bring unique capabilities to the combined group in its next phase of development, drawing on EQT’s experience in supporting some of Europe’s leading healthcare companies. In doing so, EQT Infrastructure will aim to fulfil its purpose of making a positive impact and future-proofing companies through digital innovation and sustainable growth.Dr Dirk Knüppel, Chief Executive of Meine Radiologie, says: “We are excited to welcome EQT Infrastructure as our new owner and our Blikk colleagues as new partners. We share a joint vision in becoming a reference patient centric radiology and radiotherapy provider that contributes to a better German healthcare system. The medical experience of our employees and management teams coupled with the industrial and financial support from EQT Infrastructure make me very confident in the value of this long-term partnership.”Dr Thilo-Andreas Wittkämper, Chief Executive of Blikk, says: “The Blikk management team is looking forward to building a leading radiology provider in Germany with the support of EQT Infrastructure and alongside our fellow colleagues at Meine Radiologie. Our shared values and vision of the importance of medical excellence, patient focus and innovation pave the way for an exciting new phase of development for our company.”Christoph Balzer, Partner within EQT Infrastructure’s Advisory Team, says: “We have followed Meine Radiologie and Blikk for a long time and we are impressed by the quality of both companies and their management teams. Radiology and radiotherapy are highly essential and fast-growing sub-sectors in social infrastructure and healthcare, driven by positive demographic and technological trends and underpinned by a stable system that nurtures innovation and high-quality medical services. We are confident that the combined group will benefit from EQT’s vast experience from the developing strong assets in the healthcare sector, our in-house digitalisation and sustainability capabilities, and our long- term ownership mindset.”The closing of the transaction is expected in Q3 2021, subject to customary regulatory approval.With this transaction, EQT Infrastructure V is expected to be 40-45 per cent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).Like this article? Sign up to our free newsletterRelated TopicsDeals & TransactionsAcquisitionsHealthcare & Life Sciences -

EQT Infrastructure acquires Meine Radiologie and Blikk

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EQT Infrastructure has agreed to acquire Meine Radiologie Holding (Meine Radiologie) from Triton Partners and Blikk Holding (Blikk) from DBAG Fund VII, a private equity fund advised by Deutsche Beteiligungs AG (DBAG). DBAG will remain a minority shareholder in the combined group given its experience supporting Blikk and high conviction in the long-term attractiveness of the sector. Terms and conditions of the transaction are not disclosed. Meine Radiologie and Blikk were both founded in 2017 and have since then grown to become two highly reputable radiology players in Germany, together employing more than 1,300 people across 65 locations. Both companies are underpinned by long-lasting medical experience from their respective management teams and radiology practices. Following the closing of the transactions, the combination of the two companies will create a leading radiology and radiotherapy platform in Germany. EQT Infrastructure is committed to supporting the long-term development and growth of the combined group and providing the necessary resources to accelerate investments in technology, innovation and talent in order to continue enhancing medical excellence, expanding capabilities in adjacent specialties and driving an ambitious digitalization agenda. As a long-term investor with an industrial and responsible ownership approach, EQT Infrastructure will bring unique capabilities to the combined group in its next phase of development, drawing on EQT’s experience in supporting some of Europe’s leading healthcare companies. In doing so, EQT Infrastructure will aim to fulfil its purpose of making a positive impact and future-proofing companies through digital innovation and sustainable growth. Dr Dirk Knüppel, Chief Executive of Meine Radiologie, says: “We are excited to welcome EQT Infrastructure as our new owner and our Blikk colleagues as new partners. We share a joint vision in becoming a reference patient centric radiology and radiotherapy provider that contributes to a better German healthcare system. The medical experience of our employees and management teams coupled with the industrial and financial support from EQT Infrastructure make me very confident in the value of this long-term partnership.”
Dr Thilo-Andreas Wittkämper, Chief Executive of Blikk, says: “The Blikk management team is looking forward to building a leading radiology provider in Germany with the support of EQT Infrastructure and alongside our fellow colleagues at Meine Radiologie. Our shared values and vision of the importance of medical excellence, patient focus and innovation pave the way for an exciting new phase of development for our company.”
Christoph Balzer, Partner within EQT Infrastructure’s Advisory Team, says: “We have followed Meine Radiologie and Blikk for a long time and we are impressed by the quality of both companies and their management teams. Radiology and radiotherapy are highly essential and fast-growing sub-sectors in social infrastructure and healthcare, driven by positive demographic and technological trends and underpinned by a stable system that nurtures innovation and high-quality medical services. We are confident that the combined group will benefit from EQT’s vast experience from the developing strong assets in the healthcare sector, our in-house digitalisation and sustainability capabilities, and our long- term ownership mindset.”
The closing of the transaction is expected in Q3 2021, subject to customary regulatory approval. With this transaction, EQT Infrastructure V is expected to be 40-45 per cent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

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EQT Infrastructure has agreed to acquire Meine Radiologie Holding (Meine Radiologie) from Triton Partners and Blikk Holding (Blikk) from DBAG Fund VII, a private equity fund advised by Deutsche Beteiligungs AG (DBAG). -
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EQT Infrastructure acquires Meine Radiologie and Blikk - Private
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Meine Radiologie and Blikk operate more than 65 radiology and radiotherapy locations in Germany – together they will form a leading radiology provider. EQT Infrastructure intends to combine both companies to create a leading platform in an essential and fast-growing sub-sector in social infrastructure and healthcare. Following the closing, EQT Infrastructure will support the combined group’s strive for medical excellence, expand its capabilities in adjacent specialties and drive its digital agenda to become a patient-centric and tech-enabled diagnostic imaging provider, with a high-quality service offering for its patients and partner physicians. EQT is pleased to announce that EQT Infrastructure has agreed to acquire Meine Radiologie Holding GmbH (“Meine Radiologie”) from Triton Partners and Blikk Holding GmbH (“Blikk”) from DBAG Fund VII, a private equity fund advised by Deutsche Beteiligungs AG (“DBAG”). DBAG will remain a minority shareholder in the combined group given its experience supporting Blikk and high conviction in the long-term attractiveness of the sector. Terms and conditions of the transaction are not disclosed. Meine Radiologie and Blikk were both founded in 2017 and have since then grown to become two highly reputable radiology players in Germany, together employing more than 1,300 people across 65 locations. Both companies are underpinned by long-lasting medical experience from their respective management teams and radiology practices. Following the closing of the transactions, the combination of the two companies will create a leading radiology and radiotherapy platform in Germany. EQT Infrastructure is committed to supporting the long-term development and growth of the combined group and providing the necessary resources to accelerate investments in technology, innovation and talent in order to continue enhancing medical excellence, expanding capabilities in adjacent specialties and driving an ambitious digitalization agenda. As a long-term investor with an industrial and responsible ownership approach, EQT Infrastructure will bring unique capabilities to the combined group in its next phase of development, drawing on EQT’s experience in supporting some of Europe’s leading healthcare companies. In doing so, EQT Infrastructure will aim to fulfil its purpose of making a positive impact and future-proofing companies through digital innovation and sustainable growth. Dr. Dr. Dirk Knüppel, Chief Executive of Meine Radiologie, said, “We are excited to welcome EQT Infrastructure as our new owner and our Blikk colleagues as new partners. We share a joint vision in becoming a reference patient centric radiology and radiotherapy provider that contributes to a better German healthcare system. The medical experience of our employees and management teams coupled with the industrial and financial support from EQT Infrastructure make me very confident in the value of this long-term partnership.”
Dr. Thilo-Andreas Wittkämper, Chief Executive of Blikk, said, “The Blikk management team is looking forward to building a leading radiology provider in Germany with the support of EQT Infrastructure and alongside our fellow colleagues at Meine Radiologie. Our shared values and vision of the importance of medical excellence, patient focus and innovation pave the way for an exciting new phase of development for our company.”
Christoph Balzer, Partner within EQT Infrastructure’s Advisory Team, said, “We have followed Meine Radiologie and Blikk for a long time and we are impressed by the quality of both companies and their management teams. Radiology and radiotherapy are highly essential and fast-growing sub-sectors in social infrastructure and healthcare, driven by positive demographic and technological trends and underpinned by a stable system that nurtures innovation and high-quality medical services. We are confident that the combined group will benefit from EQT’s vast experience from the developing strong assets in the healthcare sector, our in-house digitalization and sustainability capabilities, and our long-term ownership mindset.”
The closing of the transaction is expected in Q3 2021, subject to customary regulatory approval. With this transaction, EQT Infrastructure V is expected to be 40-45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication). About Meine Radiologie Holding
Meine Radiologie Holding is one of the leading providers of (outpatient) imaging/ radiology services in Germany. Founded in 2017 and headquartered in Frankfurt a.M., the company currently has over 35 practices across several German cities with approx. 600 employees. – More info: www.meine-radiologie-holding.de
About Blikk
Blikk is one of the leading providers of (outpatient) imaging/ radiology services in Germany. Founded in 2017 and headquartered in Dortmund, the company currently has over 30 practices across several German cities with approx. 700 employees. – More info: www.blikk.de

EQT Infrastructure acquires Meine Radiologie and Blikk to form a leading radiology and radiotherapy provider in Germany

Frankfurt/Main, 9 July 2021. Deutsche Beteiligungs AG ("DBAG") has successfully concluded its investment in blikk, a radiology group, by selling its shares in blikk Holding GmbH ("blikk") to EQT Infrastructure V, a fund managed by EQT, a global investment organisation. The fund is long-term oriented and focused on the industry-specific and operational development of companies. The stakes held by DBAG Fund VII (advised by DBAG) and by blikk's management will also be sold. Corresponding agreements were signed today. The parties have agreed not to disclose the purchase price or contractual details. As DBAG and DBAG Fund VII continue to see good development opportunities for blikk, they will use a significant part of the proceeds for a re-investment of up to 15 per cent, with approximately up to three percentage points attributable to DBAG. The transaction is expected to close in the current quarter, subject to customary regulatory approvals. The disposal proceeds realised by DBAG markedly exceed the valuation of the investment in DBAG's most recent interim financial statements in accordance with IFRS (as at 31 March 2021). The additional, unexpected value contribution of approximately 26 million euros will increase net asset value of Private Equity Investments as well as net income. This value contribution was not included in the forecast for net asset value of Private Equity Investments as at 30 September 2021 and consolidated net income for the 2020/2021 financial year, as most recently affirmed on 12 May 2021. DBAG's most recent forecast for net asset value as at 30 September 2021 was in a range of 450 to 505 million euros, excluding the net proceeds from the capital increase; net income for the financial year 2020/2021 was projected in a range between 70 and 80 million euros. DBAG is currently in the process of compiling its quarterly statement as at 30 June 2021, which will incorporate the unplanned value contribution from the transaction. Both indicators referred to above may be subject to further positive or negative effects from the valuation of the remaining portfolio companies as at the reporting date of 30 June 2021, as well as to other insights gained during preparation of the quarterly statement. First disposal from the DBAG Fund VII portfolio
The disposal of the investment in the blikk group is the first disposal of a management buyout (MBO) from DBAG Fund VII's portfolio. The fund, whose investment period is still ongoing, structured ten MBOs between 2017 and 2021. DBAG Fund VII was DBAG's first so-called top-up fund, allowing for up to 200 million euros in equity being invested into a single transaction, more than twice the amount usually targeted. 105.7 million euros was invested in blikk Group, partly funded by the top-up fund. 18.7 million euros came from DBAG, which has been holding a stake in blikk of around 11 per cent on a look-through basis. The radiology group's MBO was agreed in March 2017. Owing to a complex approval process, however, it did not take effect until May 2019. The blikk radiology group (www.blikk.de) comprises numerous radiology and nuclear medical service centres, with close to 30 locations, as well as a hospital. The regional focus of the blikk group lies in the German federal state of North Rhine-Westphalia (cities of Bochum, Herne and Unna) and the German capital, Berlin. Around 150 doctors in the group's practices look after approximately one million patients each year - offering the entire spectrum of radiology and nuclear medical services - from conventional X-rays to mammographies, ultrasounds, fluoroscopies, angiographies and CT scans to interventional radiology as well as magnetic resonance imaging (MRI). Besides routine radiology services, thanks to its size and experience (plus the requisite medical device technology), blikk group is in a position to accommodate and take care of particularly difficult and rare cases, or patient-specific issues with specialist medical staff and experts for all areas of radiology (including neuroradiology, cardiac, oncological, rheumatological or paediatric radiology, as well as prostate imaging). One of the leading providers of radiology services in Germany
Over the past four years, the blikk group has grown by adding further medical service centres and practices, with further acquisitions planned. Revenue for the current year is expected to reach 103 million euros - around 50 million euros more than at the start of the investment. Since then, intensive efforts have been undertaken to enhance services for patients: for instance, centralised scheduling allowed to reduce waiting times, whilst quality was further enhanced thanks to numerous medical experts. This has allowed the group to acquire many referring physicians, with a corresponding increase in patient numbers. Moreover, the group's size facilitates attracting personnel. Selected locations were refurbished, involving significant investments. At the bottom line, blikk is seen as one of the leading providers of radiology services in Germany. "We have demonstrated that with resources provided by a financial investor, patient services can be improved significantly in this capital-intensive medical sector", said Tom Alzin, Member of the DBAG Board of Management. "We want to participate in the group's further growth through our re-investment alongside the new capital provider." "DBAG supported us as a true partner", said Thilo Wittkämper MD, Managing Partner of blikk group, adding: "With the additional capital to be provided for the group's development, we will be able to further enhance the scope of medical services offered, and to improve patient care. Our corporate objectives of further enhancing quality for our patients, and to continue boosting staff satisfaction throughout blikk group, remain valid - providing the foundation for continued successful growth. In this way, we will not least be able to contribute to solving pending succession issues that many practices are facing." Contact:

Deutsche Beteiligungs AG: Sale of investment in blikk

Radiologie Herne

Merger

Blikk Holding is the owner and operator of radiology diagnostics centers across Germany. The company's diagnostics centers offer the entire spectrum of modern diagnostic and interventional radiological examinations and treatments, beginning with the classic X-ray on mammography and ultrasound up to magnetic resonance tomography (MRI). It is based in Dortmund, Germany.

On November 3rd, 2021, Blikk Holding merged with Meine Radiologie Holding.

Name	Work History	Title	Status
Thilo-Andreas Wittkämper	Radiologie Herne	Chief Executive Officer	Current
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Name	Thilo-Andreas Wittkämper	Subscribe to see more
Work History	Radiologie Herne	Subscribe to see more
Title	Chief Executive Officer	Subscribe to see more
Status	Current	Subscribe to see more

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