The deal cements Brunswick’s relationship with BUPA, for which it first worked last September.
FD, meanwhile, has worked for Cinven on various deals during the past seven years.
The £1.44bn deal will see Cinven take control of private BUPA’s hospitals – perhaps its most famous assets – which account for 11 per cent of the company’s income. The private equity firm won an auction for the hospitals.
FD’s job in promoting Cinven’s interest will have been helped by the latter’s ownership of Partnerships in Care, a leading mental healthcare provider. Cinven was also previously an investor in General Healthcare, a private hospital company.
The sale of the hospitals will make it easier for BUPA to expand – it has recently announced that it wants to concentrate on its lucrative healthcare insurance business.
In 2004, FD advised on another £1.4bn deal involving Cinven – the joint acquisition (with Apax Partners) of Dutch directory publisher VNU World Directories (PRWeek, 2 October, 2004).