Bates Wells’ M&A team advised the shareholders of Renal Services (UK) Limited (including Business Growth Fund,), on the multi-million-pound sale of its entire issued share capital of Renal Services to DaVita International Limited, part of the DaVita Inc group.
Renal Services is a leading independent dialysis provider to the NHS. Headquartered in London, Renal Services operates 21 dialysis units across the UK and treats over 1,500 permanent and transient patients on behalf of the NHS. Set up in 2007, Renal Services is the third largest dialysis provider in the UK.
Davita Inc. is a Fortune 500 international dialysis company listed on the NY Stock Exchange with a market cap of approximately USD14 billion.
Founded and led by serial international healthcare entrepreneur Stefano Ciampolini, Renal Services has opened 16 new clinics in the UK since BGF invested as a minority equity partner. The business has also posted strong organic growth during this time, with annualised revenues growing from £5 million in 2014 to over £20 million at exit.
Stefano Ciampolini, founder and CEO of Renal Services commented: “Over the last two years we have retained Bates Wells as our general corporate counsel advising the company on a wide range of legal issues. These have included Competition Law, Real Estate, Dispute Resolution, Commercial Contracts, Banking & Finance.
When we decided to engage a legal adviser for the sale process of the company Bates Wells were well placed to guide us through the journey as they had good knowledge of our organisation and management team. During this particularly challenging period the team at Bates Wells quickly adjusted to the new circumstances. The legal team was available at short notice throughout the process to provide advice and support and helped us to successfully complete a complex transaction entirely remotely representing all shareholders of the company.”
This transaction demonstrates Bates Wells’ international M&A expertise and deep experience in advising on healthcare transactions.
Bates Wells’ corporate team was led by Mark Tasker (Partner and Head of M&A and Corporate Finance team) and supported by Matthew Gearing (Senior Associate). Other key team members included Jamie Huard (Partner, Real Estate) and Amy O’Gorman (Senior Associate, Real Estate) and Lindsay Draffan (Senior associate, Corporate and Commercial).