Houlihan Lokey Advises Quadriga Capital

Houlihan Lokey is pleased to announce that Quadriga Capital (Quadriga) has successfully acquired United Therapy, an innovative physiotherapy group. The transaction closed on 8 April 2022.

Based in Essen, Germany, the newly established United Therapy Group is formed of Novotergum GmbH and Deutsche Arzt AG and combines analogue physiotherapy with digital telemedicine services with the goal of creating an innovative ecosystem for interconnected and holistic care solutions. The merger of these leading companies from the German therapy market and the consistent integration of digital health offerings under the new United Therapy umbrella is a decisive step towards the physiotherapy of the future. The newly formed group aims to leverage the previously untapped potential of therapeutic exercises through digitalisation and networking to serve as prevention for most major common diseases.

Together with Quadriga, an experienced sponsor in the transformation of healthcare companies with a focus on long-term and sustainable investments, the newly formed group plans to continue the success story of the platform and further accelerate inorganic expansion. In accordance with Quadriga’s impact principles, the financing has been structured with a tailored ESG/Impact margin ratchet.

Houlihan Lokey advised Quadriga on the acquisition financing for this transaction and acted as the exclusive financing advisor to the sponsor on all commercial aspects of the deal. The advice secured a competitive financing package to support the group’s growth strategy through a buy-and-build approach. The transaction further highlights Houlihan Lokey’s proven success in arranging financings in healthcare roll-up situations.