The sale of the Vamed rehabilitation clinics to the French private equity company PAI has finally been finalized. Vamed AG reported on the closing of the deal on Monday evening. 70 percent goes to PAI, 30 percent stays with the German Fresenius. The plan was announced in May and became part of the political discussion – primarily because of resistance from unions and works councils. There is silence about the selling price.
“As a result of the closing, the majority of the post-acute business (rehab clinics, note) will be bundled into a new, independent company under the umbrella of the new majority owner PAI as of October 1, 2024,” said Vamed AG. In early summer it became known that Vamed was to be filleted, and the German majority owner Fresenius pulled the ripcord.
The previous Vamed division Health Facility Operations (“HFO”) is “now an independent group of companies with a focus on healthcare facilities in the post-acute segment and a focus on rehabilitation,” said the now HFO Group. PAI is now the majority owner.
The works council of the healthcare group Vamed had issued massive warnings about the new majority owner of the rehabilitation clinics, PAI. There would be a risk of savings for patients and employees over the next five years so that PAI could then resell the business profitably, said Vamed Group Works Council Chairman Harald Steer in the summer. “Because that’s their business purpose.” Steer called on the federal government and Chancellor Karl Nehammer (ÖVP) to examine alternatives.
As part of the Vamed demerger, PAI will take over 70 percent of the Vamed rehabilitation business, according to HFO. The remaining 30 percent remains with Fresenius. “The business area, which also includes specialized health services in the areas of prevention, acute medicine and nursing care, has around 13,000 employees and cares for around 100,000 patients in various European countries in inpatient and outpatient rehabilitation every year,” said the Vamed statement. Announcement on Monday evening.
In Austria, according to the vida union, 3,500 employees in 21 facilities are part of the package.
“As an independent company, we have the unique opportunity to combine our strengths and further expand our position in the post-acute healthcare market,” said HFO Group boss Klaus Schuster in the HFO press release. “The highest priority is always the health and well-being of our patients.” Investments will be made and efforts will be made to find “innovative solutions” for patient care. In total, the company has over 60 facilities and around 13,000 employees in Germany, Austria, Switzerland and the Czech Republic.
Vamed recorded sales of 2.36 billion euros in 2023, but was in the red. The operating loss (EBIT) was 16 million euros in the previous year. This put Fresenius under pressure.
A consortium of the construction groups Porr and Strabag had already taken over the Austrian core business of the domestic hospital operator and healthcare provider for 90 million euros in May. This involved shares in several thermal baths in Austria (such as Vienna, Geinberg, St. Martins), the technical management of the Vienna General Hospital (AKH Vienna) and the Austrian Vamed project business.
The state holding company ÖBAG gave up its 13 percent stake in the majority owner Fresenius. There had been a call/put option since 1996, which was implemented in June. There was also silence about the purchase price here.
