Montana leads on €250m continuation fund for medical centre operator

The transaction follows another lead position for Montana on a €146m single-asset vehicle last year.

Montana Capital Partners has led a single-asset continuation fund process involving a German medical care centre operator.

European mid-market-focused investor Adiuva Capital, which primarily invests in German speaking countries, has moved Sanecum Group, which has 46 multidisciplinary sites, into a continuation fund, according to a statement.

The transaction, worth €250 million, included a debt financing by a bank syndicate, which included the increase of existing senior facilities for further growth.

Family offices and institutional investors also invested in the transaction alongside Montana, the statement said.

Rothschild & Co advised on the debt and equity raise.

In December, Adiuva held the final close on its third investment fund with €300 million in commitments. Through its two predecessor funds, Adiuva has invested €390 million of equity in more than 20 companies since 2011, according to a March statement about the its latest fund close.

In December, it emerged that Montana was lead investor on the SFr145 million ($160 million; €146.6 million) single-asset continuation fund for Switzerland-headquartered freight forwarding and logistics company Schneider Group.

The asset was moved into the separate vehicle to support its buy-and-build strategy by European mid-market investor Invision, which has a particular focus on the DACH region.

Quest Fund Placement acted as placement agent, with Lincoln International advising on the transaction.

Montana’s latest flagship, mcp Opportunity Secondary Program V, closed at the end of 2020 on €1.3 billion, above its €1 billion target.

The firm was acquired by PGIM, the asset management arm of insurance company Prudential Financial, in 2021.