Enabling the potential of healthcare

Ergéa is a major Pan-European medical Infrastructure group*, specialising in cancer care and advanced diagnostic imaging. 

Currently operating across the UK, Germany and Italy, the company offers services in four healthcare markets: Managed Equipment Services (MES), Integrated Clinical Services, outpatient clinics and equipment maintenance. In the UK, Ergéa Group provides MES to both the NHS and the private health sector.

NatWest advises on refinancing to pave way for Ergéa’s continued growth

In 2022, NatWest acted as the Sole Financial Advisor to help establish a steady state long-term capital structure for Ergéa, which would provide sufficient operational and financial flexibility to deliver the group’s business plan.

Investment Grade private rating opens door for Ergéa to institutional investors

The NatWest deal team initially evaluated the three existing acquisition financings and considered how best to unlock different liquidity pools for the group refinancing. This included recommending that Ergéa Group obtain an investment grade private rating to access the institutional market. NatWest’s Ratings Advisory team supported Ergéa throughout the process, and ultimately obtained a BBB Investment Grade rating from a rating agency.

Ergéa’s debut Private Placement oversubscribed

In addition to engaging potential bank lenders, the NatWest deal team – mandated as Sole Active Agent – supported Ergéa in approaching the Private Placement market for institutional funding from US and European investors. The direct dialogue with investors in the UK as well as during a US roadshow paid off: aiming to launch €100 million equivalent, the final order volume allowed Ergéa to upsize the deal to £137 million equivalent across three tenors – 7, 10 and 12 years.

Seven-bank consortium provides €375 million debt facilities

In parallel to Ergéa’s successful debut Private Placement, NatWest secured a seven-bank consortium which agreed to a multi-layer financing package, comprising a €193 million equivalent Bank Term Loan, a €147 Revolving Capex Facility, a €25 million Working Capital Facility, and a €10 million Guarantee Facility. Through a separate ring-fenced lending team, NatWest took a hold of €85 million across the debt facilities, participated in the interest rate hedging, and was sole trader on an FX trade.

NatWest proud to actively contribute towards advancing the healthcare sector

Joe Taylor, Head of Infrastructure, Project & Asset Finance at NatWest, said: “We’re delighted to have been able to help with this refinancing process for Ergéa. With an investment grade private rating in place and its debut private placement complete, Ergéa is now in a very good position to access additional funding as the business continues to grow. We’re proud that we can actively contribute towards advancing the healthcare sector, both in the UK and across Europe, and enable better medical outcomes through this financing.”


* Ergéa is owned by DWS on behalf of its Pan-European infrastructure fund III.  Ergéa was officially formed in early 2023 by bringing together DWS’s prior acquisitions of Medipass in Italy, RadioOnkologieNetzwerk in Germany, and Althea UK.

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