News Article

Leading UK-based independent hospital and healthcare group Spire Healthcare has recommended a £1bn takeover by an investor consortium indirectly owned by investment firm Toscafund Asset Management, private equity firm Three Hills (THCP Advisory), and US investment manager Ares Management.

Candesic is delighted to have provided commercial due diligence to this consortium through Tulip UK Bidco, their newly formed acquisition vehicle.

The Candesic team was led by Senior Partner Michelle Tempest, supported by Principal Jack Zeng, Senior Associate Javier Garcia Perez, and Senior Associate Phaidon Theologites.

Michelle said: “Spire is a high-quality healthcare business with a strong market position providing a vital role in the UK’s independent healthcare sector.

“Taking Spire private creates an opportunity to take a longer-term view of the business and invest behind its strengths, from its hospital estate and clinical capabilities to technology and new growth opportunities.

“We were delighted to support the consortium with our commercial due diligence and wish the new ownership group and the Spire team every success as they enter this next phase.”

Spire UK is the UK’s largest independent hospital operator by revenue, operating 38 hospitals in England, Scotland and Wales. The transaction follows a comprehensive strategic review launched by Spire last September, during which the company explored a range of options to enhance long-term shareholder value, including discussions with several interested parties.

Candesic has been supporting the UK hospital sector for over two decades, participating in many of the major transactions that have shaped the sector. If you would like to know more about our work in this area, feel free to reach out to Michelle or Jack, or email us at [email protected].