The two chains are part of the assets the KKR-owned IVI RMA and GED Capital has just bought from the Eugin Group.
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BY: RON SHINKMAN
IVI RMA has pursued one of the largest acquisitions of a reproductive medicine group in the United States, agreeing to acquire the North American assets of the Eugin Group – including Boston IVF and TRIO – as part of a larger deal to buy the entire company.
The transaction sheds a little light on how private equity firm KKR – which owns IVI RMA – will consolidate and manage its recent dive into reproductive medicine. KKR finalized its acquisition of the Spanish-based IVI RMA earlier this year for $3.2 billion.
In conjunction with Spanish private equity firm GED Capital, IVI RMA is acquiring the Eugin Group assets for around $535 million from Fresenius Helios, the German-based hospital operator and dialysis giant.
While IVI RMA will own and operate the Eugin clinics in the U.S. and Canada, GED Capital will own and operate the three-dozen clinics in Spain, Italy, Sweden, Denmark, Latvia and Portugal. It will also operate the Latin American properties in Brazil, Argentina and Colombia, GED spokesperson Alicia Hernández told Inside Reproductive Health.
A spokesperson for IVI RMA told Inside Reproductive Health that the acquisition of both Eugin’s North American and global operations are part of the same transaction. He declined to break out terms for the U.S. portion of Eugin’s assets. Hernandez also declined to break out terms for the GED portion of the purchase, but noted that the European and Latin American operations generate about $110 million in annual revenue.
Fresenius acquired Eugin less than three years ago for around $460 million from NMC Health.
A KKR spokesperson has not responded to a request seeking comment.
IVI RMA’s acquisition includes two fertility clinic chains: Boston IVF and the Toronto-based TRIO. IVI RMA’s footprint in North America will expand from its current 29 clinics and 10 laboratories to 62 clinics and offices and 23 laboratories. Altogether, the combined enterprise will have more than 4,000 employees in North America.
There are no plans to rebrand Boston IVF and TRIO. The IVI RMA spokesperson said both will continue to operate under the same names.
“IVI RMA in other parts of the world have multiple brands in countries like Spain and Italy, so it’s not unusual for them to do that,” Boston IVF CEO David Stern told Inside Reproductive Health. He added that he will continue with the company in the same position.
The IVI RMA spokesperson also confirmed that TRIO CEO Nicole Condon will remain with the company. Condon could not be reached for comment. Both Stern and the company spokesperson said there are no layoffs planned after the acquisition closes.
Meanwhile, IVI RMA’s U.S. division recently named Lynn Mason as its president. The spokesperson said she will oversee all of the operations for IVI RMA, TRIO and Boston IVF.
“We’re actually continuing to expand and grow our network,” Stern said. He noted that Boston IVF recently opened a new clinic in Rochester, N.Y. Another expansion is planned for Springfield, Mass. before the end of the year. That new clinic will be based at the Baystate Medical Center in Springfield and be called Boston IVF at Baystate, Stern said. He suggested that expansion would continue in conjunction with IVI RMA.
“We’re really excited, because IVI RMA already has a strong brand in the United States and globally,” Stern said. He added that IVI RMA is also very strong in terms of research and training, and that Boston IVF’s ongoing fellowship programs with Harvard Medical School and Beth Israel Deaconess Medical Center in Boston will complement IVI RMA’s existing fellowship programs.
Stern said he expects the acquisition of the Eugin Group’s North American assets to close during the first quarter of 2024, in line with when IVI RMA said the entire Eugin acquisition will close.
The themes reported in this publication are those of the news. They do not reflect the views of Inside Reproductive Health, nor of the Advertiser
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