06 May 2024 I Deals and Cases

Bär & Karrer Advises PAI Partners on its Acquisition of a Majority Stake in VAMED’s European Rehabilitation Business

Bär & Karrer advised PAI Partners ("PAI") on the acquisition of VAMED Group's rehabilitation business ("VAMED") from Fresenius SE & Co. KGaA. VAMED’s rehabilitation business operates 67 clinics and care centers across Germany, Austria, Switzerland, the Czech Republic and the UK, serving more than 100,000 patients annually. Supported by around 10,000 highly-skilled staff, the unit provides a comprehensive range of inpatient and outpatient rehabilitation services, as well as specialist acute care. The business follows a multidisciplinary approach to patient care, with areas of expertise including neurology, orthopedics, psychosomatics, and cardiology.

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has approx. €27 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realized more than €24 billion in proceeds from 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. The completion of the transaction is expected for the second half of 2024 and is subject to customary regulatory approvals and closing conditions.

Bär & Karrer acts as Swiss counsel to PAI. The team was led by Philippe Seiler and further included Romina Lauper, Luzius Bill and Yannick Wohlhauser (all Corporate/M&A), Nicola Schön (Employment), Djamila Batache and Judith von Gunten (both Regulatory), Jonas Bornhauser (IP/IT Data Protection), Mani Reinert and Tim Meyer (both Antitrust & Competition) as well as Corrado Rampini and Patrick Neher (both Real Estate). Willkie Farr & Gallagher acts as international counsel to PAI and was led by partner Dr. Axel Wahl (Corporate/M&A, Munich). Further consultants included Maria Heil, Guram Gobechia (both NOVACOS Rechtsanwälte, Germany), Dr. Philipp Schrader, Dr. Stefan Jeitler, Yvonne Wohlmuth (all E+H Rechtsanwälte GmbH, Austria), Martin Peckl, Silvie Kiraly (both HAVEL & PARTNERS s.r.o., Czech Republic) and Dr. Kai-Uwe Plath and Dr. Moritz Schmitz (both KNPZ Rechtsanwälte – Klawitter Neben Plath Zintler – Partnerschaftsgesellschaft mbB, Germany).