LGV Capital has agreed to sell Classic Hospitals Group, reportedly the UK’s sixth largest acute hospital operator, to Spire Healthcare (formerly BUPA Hospitals), for £145 m.
LGV, controlled by funds managed by Cinven, acquired nine hospitals from BUPA in July 2005 for £85 m, while Classic Hospitals purchased Lourdes Hospital from a religious order a year later. LGV says the acquisition from BUPA was complex; to effect it the company assembled a management team, established a head office and created the Classic Hospital brand, while initially relying on a transitional services agreement with BUPA.
