CapMan Press Release 16.9.2013 at 09.00 a.m. EEST
CapMan divests Curato to Altor
Funds managed by CapMan have signed an agreement to sell Curato AS, a leading provider of medical imaging services in Norway, to Altor Fund III.
Curato provides medical imaging (radiology) services in Norway and its main customers are the Regional Health Authorities, as well as health insurance companies and private individuals. The company has a nationwide network of 12 clinics and a patient flow of more than 300 000 patients annually. Curato`s annual turnover reached approx. €53 million in 2012 and currently employs some 220 people.
"We have achieved the strategic objective set for the investment - to build a leading medical imaging service provider in Norway. The acquisition of the Telemark Røntgen group in 2007 and the merger with Sentrum Røntgeninstitutt in 2008 made the basis for the new company with an unmatched geographical coverage and market position in Norway. Another important development of Curato was successful completion of agreements with all Regional Health Authorities in Norway," says Hans Tindlund, Partner at CapMan Buyout and responsible for the investment.
"During CapMan`s ownership we have modernized our equipment park and established service offering in three new locations. Today Curato is an important health care actor offering high quality radiology services to both the public health care sector and private patients. We have also gained significant economies of scale and productivity improvements through investing in state of the art medical imaging technology and through establishing centralized support functions. We are confident that Altor as a new owner will bring additional competences for a successful continuation of the company`s development," says Hans Olav Almaas, Chairman of Curato.
"The cost of radiology services is significantly lower in Norway than in other Nordic or European countries, and far lower when performed by Curato than in the public domain in Norway. Curato, as the market leader, has been instrumental in driving this through its great people, efficient operations and modern infrastructure, saving the public health authorities considerable amounts while at the same time increasing service towards patients. We therefore believe that private players will increase their share of radiology services going forward. We also see possibilities of growing Curato into related services as well as beyond Norway over the next years," says Reynir Indahl, Partner in Altor Equity Partners.
The transaction is expected to be finalised by the end of October 2013. Funds managed by CapMan made the initial investment in Curato in 2007.