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published NOVEMBER 13, 2009

Freshfields advises Advent on acquisition of Median in largest German buy-out deal to date

International law firm Freshfields Bruckhaus Deringer has advised global private equity firm Advent International on the acquisition of leading independent rehabilitation care provider in Germany, the Berlin-based Median group. Advent has taken over Median in a joint acquisition with Marcol, the London based real estate private equity investor, from the founders of Median, Dr Erich Marx and Axel Steinwarz, who have sold their stakes. Median was founded in 1972 and is the largest private rehabilitation care provider in Germany, operating 27 clinics, with approximately 6,000 beds in 19 locations across Germany. Advent International is an active investor in the healthcare sector. In 2005, Advent acquired Casa Reha, one of the largest German nursing home operators. Previous investments include the pharmaceutical generics businesses Viatris and Tropon, acquired from Degussa and Bayer, respectively. Freshfields Bruckhaus Deringer has been a longstanding legal advisor to Advent on major transactions, including among others the acquisition of RWE Solutions in 2006 and the sale of energy infrastructure supplier SAG in 2007. The acquisition of Median is the largest buy-out deal in Germany so far in 2009. The Freshfields team was led by Stephanie Hundertmark and included Yorck Jetter (finance), Marcel Kaufmann (public law) and Frank Röhling (competition) as well as Natalie Vahsen, Dominik Rompza, Marcus Wandrey, Carlos Katins (all corporate), Jana Grühn, Michael Ramb (all public law), Moritz Lorenz and Maren Tamke (both competition).