Analysis of recent transactions in Healthcare Facilities Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. HEALTHCARE
FACILITIES
Mergers & Acquisitions Analysis
September 2015
Alps Venture Partners
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

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Merger & Acquisition Summary – Healthcare Facilities
Valuation Summary
Total Deal Value ($mm) 68,316
Average Deal Value ($mm) 228
Average TEV/Revenue 3.4x
Average TEV/EBITDA 12.5x
Average Day Prior Premium (%) 16%
Average Week Prior Premium (%) 16%
Average Month Prior Premium (%) 21%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2010 – August 15, 2015
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Transaction Ranges
Greater than $1 billion 15
$500 - $999.9 mm 12
$100 - $499.9 mm 57
Less than $100 mm 214

3. HEALTHCARE FACILITIES – HISTORICAL TREND ANALYSIS

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Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
2.7x 2.8x
4.0x 4.4x
3.7x
2.4x
12.9x
11.8x
14.6x
10.7x
13.9x
10.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year
Average TEV/Revenue 2.7x 2.8x 4.0x 4.4x 3.7x 2.4x 3.5x
Average TEV/EBITDA 12.9x 11.8x 14.6x 10.7x 13.9x 10.5x 12.8x
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5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
5
2
-
2
4
2
3 2 1 2 2 2
11 11
7
16
11
1
40
50
42
38
28
16
-
10
20
30
40
50
60
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 278 149 68 203 484 235 236
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Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 25%Americas – 52% Europe/MENA/Africa – 23%
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Region / Transactions Number Total Value Average Size
Asia Pacific 74 10,733 145
Europe/MENA/Africa 69 15,550 225
Americas 157 42,034 268

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Biggest Transactions
Target Deal Value ($mm)
Health Management Associates Inc. 7,716
Emeritus Corp. 5,447
Vanguard Health Systems Inc. 4,818
Parkway Holdings Limited 3,424
Atria Senior Living, Inc. 3,278
Psychiatric Solutions, Inc. 3,165
Médica France, S.A. 2,322
Healthscope Limited (ASX:HSO) 2,308
Générale de Santé Société Anonyme (ENXTPA:GDS) 1,949
AHS Medical Holdings LLC 1,750
*Source – CapitalIQ, AlpsVP Analysis
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