Sweden: Diaverum to list on Nasdaq Stockholm

Long expected, Swedish dialysis firm Diaverum has announced plans to raise €290m (US$344.3m) in an initial public offering on Nasdaq Stockholm.

“Today’s announcement is a milestone for Diaverum and a proud moment for all our employees,” said chief executive Dimitris Moulavasilis.

“We believe becoming a listed company will put us in a stronger position to continue growing organically, expanding through acquisitions, entering new markets and delivering value to more patients and healthcare systems globally,” he added.

Bridgepoint-owned Diaverum is the third largest dialysis clinic operator in the world after Fresenius Medical Care and DaVita. It operates 421 clinics across 22 markets. Revenue has almost tripled since Bridgepoint took over the company, from €281m in 2008 to €805m last year.

Founded in 1991, London-headquartered Bridgepoint bought Diaverum from EQT in 2007 for €537m.

Europe makes up 62% of revenues with international markets making up the remaining 38%.

For the first three quarters of 2020, it posted operating profits of €102.4m on revenues of €642.1m.

The Malmö-headquartered company said that it intends to use proceeds partially to refinance the company’s existing credit facilities, for general corporate purposes and to fund future acquisitions.

Expectations are that the deal will complete by mid-December.

After the deal, Bridgepoint has said that it will remain a significant shareholder.

Carnegie Investment Bank, JP Morgan and SEB  are acting as joint global coordinators and are joined as joint bookrunners by BNP Paribas, Citigroup and Danske Bank. Moelis & Company is the financial adviser to Diaverum.

White & Case are legal advisers to Diaverum with Cleary Gottlieb Steen & Hamilton and Advokatfirman Hammarskiöld acting for the joint global coordinators and joint bookrunners.