OMERS, Goldman Sachs Asset Management, AXA IM Alts Sign Agreement to Purchase 100% of amedes, a Leading Laboratory Services Provider
OMERS Infrastructure (37.5%) and Goldman Sachs Asset Management (37.5%) together with AXA IM Alts (25%), have today announced the signing of an agreement to acquire 100% of amedes Group (“amedes”), a leading provider of medical diagnostics services in Germany, Belgium and Austria, from current investor Antin Infrastructure Partners.
With a focus on providing specialty medical diagnostic testing, amedes leverages its 75+ laboratories and specialty medicine sites across Germany, Belgium and Austria to support the needs of the healthcare industry through the delivery of quick, accurate and reliable diagnostic services, conducting more than 400,000 analyses per day.
Under the consortium’s ownership, amedes will continuously pursue its strategic objectives and further expand its leading market position in integrated specialty diagnostics. As a specialist network, the group will continue to focus on medical excellence, innovation and specialization to address key trends in the healthcare sector. amedes will continue to focus on its proven partnership with physicians and act as an interface between diagnostics and clinical medicine, particularly in gynaecology, endocrinology and fertility medicine. Other growth areas include genetics, rheumatology and oncology.
Infrastructure investors are increasingly focusing on the healthcare industry given the essentiality of the services it provides, strong secular tailwinds, the stability and resiliency of the cash flows, the defensive nature of the healthcare spending, and the supportive regulatory framework on prices and licencing requirements. Within the healthcare industry, medical diagnostic testing plays a vital role in improving the detection and prevention of diseases, and amedes stands out as a market leader.
Philippe Busslinger, Senior Managing Director and Head of Europe, OMERS Infrastructure, said: “OMERS is pleased to be backing amedes and its management team in its continued pursuit of medical excellence. amedes is our fourth infrastructure investment in Germany, which continues to be a core region of interest to us. We welcome the opportunity to increase our exposure to this market and the lab diagnostics sector, as it further diversifies our portfolio and contributes to the generation of steady returns for our pension plan members. We look forward to working alongside our investment partners to support amedes as it continues to perform its essential role in the communities in which it is active.”
Philippe Camu, Global Co-Head of the Infrastructure business within Goldman Sachs Asset Management said: “amedes is a leader in European diagnostics, providing essential services for the detection and prevention of diseases. Our investment thesis is based on the resiliency of the business, driven by a stable regulatory framework as well as by strong secular trends in the sector.” Matteo Botto Poala, Managing Director in the Infrastructure business within Goldman Sachs Asset Management, added “We are excited to work with amedes’ management team to accelerate growth through innovation, commercial and operational initiatives, and acquisitions.”
Mark Gilligan, Head of Infrastructure Equity at AXA IM Alts, said: “Our investment into amedes alongside Goldman Sachs Asset Management and OMERS Infrastructure, follows our June 2021 investment in Stockholm Exergi and aligns with our strategy of assembling a premier portfolio of core through to core plus European infrastructure businesses. Through its superb network of medical laboratories and clinics across Germany, Belgium and Austria, it possesses that most critical thing we seek as infrastructure investors – essentiality. We share our partners’ vision for the growth of the firm and look forward to working with management as it continues to deliver world-class cost-effective services to its customers and patients.”
The transaction remains subject to customary regulatory approvals and is expected to close before year end.
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About OMERS and OMERS Infrastructure:
OMERS Infrastructure manages investments globally in infrastructure on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Investments are aimed at steady returns to help deliver sustainable, affordable and meaningful pensions to OMERS members.
OMERS diversified portfolio of large-scale infrastructure assets exhibits stability and strong cash flows, in sectors including energy, digital services, transportation and government-regulated services. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate. OMERS is one of Canada's largest defined benefit pension funds, with net assets of C$105 billion.
For more information, please visit: www.omersinfrastructure.com
About the Goldman Sachs Asset Management Infrastructure business:
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2006, the Infrastructure business within Goldman Sachs Asset Management has consistently navigated the evolving infrastructure asset class, having invested approximately $13 billion in infrastructure assets across market cycles since its inception. We partner with experienced operators and management teams across multiple sectors, including digital infrastructure, energy transition, transportation & logistics and essential services. Follow us on LinkedIn.
About AXA IM Alts
AXA IM Alts is a global leader in alternative investments with €162 billion of assets under management as of 31 March 2021 (unaudited), across real assets (real estate & infrastructure), private debt & alternative credit and private equity & hedge funds. AXA IM Alts employs over 750 people located in 16 offices around the world and serves the needs of more than 350 clients from Europe, North America, Asia Pacific and Middle East. We are a global leader in real assets investment with c. €109 billion of assets under management, the number one property portfolio and asset manager in Europe (INREV Fund Manager Survey, June 2021), and one of the largest worldwide. Visit our website: https://alts.axa-im.com
About AXA Investment Managers
AXA Investment Managers (AXA IM) is a responsible asset manager, actively investing for the long-term to help its clients, its people and the world to prosper. Our high conviction approach enables us to uncover what we believe to be the best global investment opportunities across alternative and traditional asset classes, managing approximately €869 billion in assets as at the end of March 2021. AXA IM is a leading investor in green, social and sustainable markets, managing €555 billion of ESG-integrated, sustainable and impact assets as at the end of December 2020. We are committed to reaching net zero greenhouse gas emissions by 2050 across all our assets, and integrating ESG principles into our business, from stock selection to our corporate actions and culture. Our goal is to provide clients with a true value responsible investment solution, while driving meaningful change for society and the environment. AXA IM employs over 2,440 employees around the world, operates out of 27 offices across 20 countries and is part of the AXA Group, a worldwide leader in insurance and asset management. Visit our website: www.axa-im.com