STOCKHOLM, Sweden, June 28, 2005 (PRIMEZONE) -- EQT II B.V. ("EQT") has signed an agreement with BUPA to sell International Health Insurance danmark A/S (IHI), the world's leading provider of international private medical insurance.
In January 2001 EQT and IHI management acquired IHI from Sygeforsikringen danmark. Since then the company has been through a significant development, grown well over 10% pro annum on a fixed current currency basis and almost six doubled the profit after tax.
Today IHI has activities all over the world with customers in Central & Latin America, Asia, the Middle East, Africa and the European countries. Gross premiums written amounted to 1,354 MDKK and profit after tax to 104 MDKK in 2004. The company expects to continue its impressive growth rate.
Bjoern Hoei Jensen, Partner at EQT Partners, comments: "The International Private Medical Insurance sector is a high growth sector and will continue to be so for many years to come, driven by increasing global health consciousness and growth in the number of expatriates. After having developed the company's product offering and global platform significantly, we believe it is time for a new owner with sales synergies and an existing distribution network to develop the company further and exploit attractive growth opportunities in new markets and segments."
Per Bay Joergensen, CEO of IHI, comments: "After IHI's strong development with EQT as our majority shareholder, I am convinced that the company will continue its prosperous development aligned with BUPA. I believe IHI continues to have significant potential for value creation and that BUPA with its long history and significant know-how in private medical insurance is in an excellent position to benefit from this."
The transaction is conditional upon approval by the relevant regulatory and competition authorities.
Morgan Stanley acted as financial advisor to EQT and ABN Amro advised BUPA.
EQT is a group of private equity funds that manages just below Euro 6 billion in equity in 7 funds. EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki, Frankfurt and Munich. EQT realises its business concept by acquiring and developing high-quality medium sized companies in Northern Europe. EQT serves as an active owner and works in close co-operation with the management of the companies it acquires, to develop and implement value-enhancing strategies. In total EQT has invested in 39 companies, with a combined enterprise value of approximately Euro 13 billion. Set up in 1947, BUPA is a broad-based health and care organisation with a growing international presence. It has 7.8 million customers in 180 countries and 40,000 employees. Its main interests are health insurance, hospitals, care services for older people and young disabled, health assessments, workplace health and childcare services. It also has a network of nurseries for the children of working parents.
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