01.04.2010 07:00:00
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KKR Joins Triton in Ambea Investment
Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR”) today announced that KKR has joined Triton in its investment in Ambea, a leading healthcare and care company in the Nordic Region and one of the largest European healthcare service providers.
KKR’s investment is in the form of convertible preferred stock. Subject to certain regulatory approval, KKR has the option to become a joint equity lead investor on a 50-50 basis with Triton and in partnership with Ambea management. Triton signed a definitive agreement to acquire Ambea on February 23, 2010. The transaction with Triton and KKR closed on March 31, 2010.
Ralph Riber, CEO of Ambea, said: "We are pleased to be entering an exciting new phase of development with our partners, Triton and KKR. I know that both partners share our view of how to build a leading healthcare and care company with strong focus on quality. Both partners bring a strong operational focus and with Triton’s local Nordic presence and experience coupled with KKR’s deep healthcare expertise, I am convinced that this partnership will provide Ambea with a strong support to fulfill its mission of providing the best levels of healthcare and care service.”
Ambea operates under brands including Carema in Sweden, where it is a leading provider of primary healthcare, hospital care, specialist care clinics, and elderly care. In Finland, Ambea operates under the Mehiläinen brand and is a leading provider of hospital care, outpatient clinics, and occupational healthcare services. The group employs approximately 10,300 employees and has about 600 healthcare and care units. The company supplies around 12,000 people with care services, providing approximately two million physician visits per year throughout the Ambea Group.
Dominic Murphy, KKR member and head of the KKR Healthcare Team in Europe, said: "KKR is delighted to be partnering with Triton and Ambea. KKR has great respect for Ambea’s mission – Time to Care. As a long-term investor we look forward to working closely with Triton and management to further strengthen Ambea’s position as the leading player in its field.”
Henrik Kraft, KKR director and responsible for investments in the Nordic region added: "We are pleased to be partnering with the management team and employees of Ambea who have a strong track record in building the business with an unwavering commitment to providing the highest quality of care to the patients and care recipients whom they serve.”
Magnus Lindquist, a partner at Triton, said, "We chose and invited KKR to work with us as our preferred partner in this investment because of their global expertise in health care and shared long term strategic goals for Ambea.”
Thomas Tarnowski, a partner at Triton responsible for Triton’s Nordic healthcare team, added: "We are confident that the Triton-KKR partnership, combined with the strengths of an outstanding management team will bring Ambea to its next phase of development, building on a uniquely positioned and diversified growth platform.”
KKR has in-depth experience across the healthcare sector that began 15 years ago with its investment in the American care provider Merit Behavioral Care. Current healthcare-related portfolio investments include Alliance Boots, an international pharmacy-led health and beauty group, with a strong presence in the Nordics; Biomet, a leading designer and manufacturer of orthopedic medical devices and other products used primarily by surgeons and medical specialists; and HCA, the largest and most diversified investor-owned health care services provider in the U.S. In addition, many of the other companies in KKR’s private equity portfolio, such as Alliance Boots, TDC, Maxeda, Tarkett, Toys R Us, and Nielsen have operations in the Nordic market.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global alternative asset manager with $52.2 billion in assets under management as of December 31, 2009. With over 600 people and 14 offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platforms. KKR is publicly traded through KKR & Co. (Guernsey) L.P. (Euronext Amsterdam: KKR). For additional information, please visit KKR's website at www.kkr.com.
About Ambea
Ambea brings together a broad spectrum of competencies in both private and publicly financed healthcare and care services. Operations are conducted through the subsidiaries Carema Care, Carema Healthcare and Mehiläinen in Sweden, Norway and Finland. With 600 units, Ambea is the one of the largest healthcare and care services companies in the Nordic region. Ambea’s vision is to be the first choice in the market by developing quality and innovative healthcare and care services. The Group has annual sales of more than SEK 7 billion and approximately 10,300 full-time employees. For additional information, please visit Ambea’s website at www.ambea.com
About Triton
Triton is a private equity investor with a strong presence in the Nordic region. The firm has offices in Stockholm, Frankfurt and London and focuses on the Nordic countries and German speaking Europe. Triton invests in market leading businesses with strong management teams to create long term value. The health and services sectors are two industries where Triton has made significant investments in recent years. Examples include Phadia, Semper, Bravida and Puukeskus.
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