Bain and BCG advise on Triton's acquisition of Bergman Clinics

24 March 2021 2 min. read

Bergman Clinics, an international group of independent clinics, has a new owner: Swedish-German investor Triton. 

Founded nearly 30 years ago, Bergman Clinics provides medical care to patients in the Netherlands, Sweden, Denmark, Norway and Germany. The company has 250 specialists and 3,000 employees, who together treat more than 300,000 patients every year on areas such as orthopedics, ophthalmology, gynecology, aesthetic medicine, cardiology, gastroenterology and dermatology. 

Under the new ownership of Triton, Bergman Clinics aims to “expand its geographical footprint”, and invest in “technological innovation and digitisation”, which ultimately will lead to benefits “for both clients and employees” said Hans van der Heijden, CEO of the medical group.

Bain and BCG advise on Triton's acquisition of Bergman Clinics

Triton has acquired its 70% stake from the founding family Malenstein, which had a 60% share and sold 40% to Triton, and Dutch private equity firm, which had a 40% share and now holds 10%. “Bergman Clinics is strongly positioned in the field of outpatient care which is an increasingly important part of the healthcare services sector. The company has a strong backbone to further expand as a focused specialty care player in Europe,” said Anja Bickelmaier, Co-Head of Healthcare at Triton.

Former CEO Bart Malenstein said to Dutch newspaper FD that the company had considered selling a minority stake and even an initial public offering, but the “very good fit with Triton” meant that it agreed to the investor’s terms. “Such parties usually want a substantial interest. They can support our further growth in Germany and Scandinavia.” 

CEO Van der Heijden added, “We will not only benefit from Triton’s expertise in the healthcare sector and in particular in healthcare services, but also from its international network.” 

Bergman Clinics first entered the Nordics when it acquired Memira in 2019, a chain with 47 eye clinics. In September last year the Dutch group landed in Germany, when it bought six clinics from Capio. Meanwhile, in home market the Netherlands Bergman Clinics earlier this month completed the bolt-of Mauritskliniek, adding six dermatology-focused clinics to its footprint. 


The deal, valued at more than €1 billion according to reports from Bloomberg, was delivered by M&A consultants from a cohort of firms. Strategy consultancies Bain & Company and Boston Consulting Group sat at other sides of the table, both providing strategic and commercial due diligence services.

M&A Advisory was provided by JPMorgan Chase and Rabobank, as well as boutique Axeco, which had previously advised Bergman Clinics on its capital raising for the Memira deal. PwC provided both financial due diligence and tax advisory support, while lawyers from Loyens & Loeff, Houthoff, CMS and De Brauw were the legal advisors to the transaction.