Healthcare Facilities - Transactions Summary

HEALTHCAREFACILITIESMergers & Acquisitions AnalysisSeptember 2015Alps Venture Partners

TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

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Merger & Acquisition Summary – Healthcare Facilities

Valuation Summary

Total Deal Value ($mm) 68,316

Average Deal Value ($mm) 228

Average TEV/Revenue 3.4x

Average TEV/EBITDA 12.5x

Average Day Prior Premium (%) 16%

Average Week Prior Premium (%) 16%

Average Month Prior Premium (%) 21%

*Source – CapitalIQ, AlpsVP AnalysisDate Range: Jain 1, 2010 – August 15, 2015

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Transaction Ranges

Greater than $1 billion 15

$500 - $999.9 mm 12

$100 - $499.9 mm 57

Less than $100 mm 214

HEALTHCARE FACILITIES – HISTORICAL TREND ANALYSIS


Transaction Multiples - Trends

*Source – CapitalIQ, AlpsVP Analysis;

2010 2011 2012 2013 2014 20150.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2.7x 2.8x4.0x 4.4x

3.7x2.4x

12.9x11.8x

14.6x

10.7x

13.9x

10.5x

Average TEV/RevenueAverage TEV/EBITDA

Mul

tiple

s

Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year

Average TEV/Revenue 2.7x 2.8x 4.0x 4.4x 3.7x 2.4x 3.5x

Average TEV/EBITDA 12.9x 11.8x 14.6x 10.7x 13.9x 10.5x 12.8x

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Transaction Numbers - Trends

*Source – CapitalIQ, AlpsVP Analysis;

2010 2011 2012 2013 2014 2015 -

10

20

30

40

50

60

5 2 - 2 4 2 3 2 1 2 2 2

11 11 7

16 11

1

40

50

42 38

28

16

> $1 billion$500 - $999.9mm$100 - $499.9mmLess than $100mm

Num

ber o

f Tra

nsac

tions

(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year

Average Deal Value 278 149 68 203 484 235 236

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Geographic Heat Map

*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;

Asia Pacific – 25% Americas – 52% Europe/MENA/Africa – 23%

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Region / Transactions Number Total Value Average Size

Asia Pacific 74 10,733 145 Europe/MENA/Africa 69 15,550 225 Americas 157 42,034 268


Biggest Transactions

Target Deal Value ($mm)

Health Management Associates Inc. 7,716

Emeritus Corp. 5,447

Vanguard Health Systems Inc. 4,818

Parkway Holdings Limited 3,424

Atria Senior Living, Inc. 3,278

Psychiatric Solutions, Inc. 3,165

Médica France, S.A. 2,322

Healthscope Limited (ASX:HSO) 2,308

Générale de Santé Société Anonyme (ENXTPA:GDS) 1,949

AHS Medical Holdings LLC 1,750

*Source – CapitalIQ, AlpsVP [email protected]

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Corporate Finance Services

We provide clients with high quality research, analytical and advisory support for transactions. We offer a range of services such as initial opportunity assessment, market analysis, financial modeling, commercial and financial due diligence, valuation, capital structure planning, and deal structuring. Investment

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The financial due diligence process is a necessity to any transaction. Our aim is to enable owners and managers to make such investments with confidence by supporting and advising at every stage. We will help reduce the risk – and stress – of investing at home or in another country.

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development, Diagnostic review of

operations Competitor

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