B-FLEXION Sells Affidea Group to GBL

Geneva, April 19, 2022 - B-Flexion, a private investment firm, today announced that funds it manages on behalf of the Bertarelli family have agreed to sell all of the outstanding equity of Affidea Group (“Affidea” or the “Company”), to Groupe Bruxelles Lambert (“GBL”). Financial terms of the transaction were not disclosed.

Affidea is the largest European provider of advanced diagnostic imaging, outpatient and cancer care services. Under B-Flexion’s ownership since 2014, the Company has grown from 120 to over 320 centres. Today, with over 1,300 radiologists in its network, Affidea provides services to more than ten million patients annually across 15 European countries.

Affidea’s key managers, including Giuseppe Recchi, Chief Executive Officer, will remain with the Company under GBL’s ownership.

Giuseppe Recchi, Chief Executive Officer of Affidea, stated: “I am very proud of what we have achieved at Affidea. In partnership with B-Flexion and through the hard work and dedication of the entire Affidea team, we have built a world-class organisation that provides the highest quality care and service for our patients and their healthcare providers. We have benefitted greatly from B-Flexion’s deep strategic insights and experience to scale our dynamic organisation and achieve stellar growth almost doubling the size of the business in the last 4 years, while consolidating the markets with under-served private healthcare services. In GBL, we have another partner with a long-term outlook who shares our values and has a commitment to clinical excellence. We look forward to the journey ahead and to meeting the growing demand for quality healthcare services, both in our current and future jurisdictions.

Stefan Meister, Vice-Chairman of B-Flexion and Chairman of Affidea, stated: “It has been a privilege to work with Giuseppe and the whole Affidea team, and we are proud to have contributed to the Company’s incredible success over nearly ten years of ownership. The GBL team have impressed us with their track record of supporting high-quality companies.  We are delighted to transition Affidea to GBL for the next phase of the Company’s growth.”

The transaction is expected to close in the next few months, subject to customary regulatory approvals.

Goldman Sachs and Jefferies acted as financial advisors and Latham & Watkins acted as legal counsel to B-Flexion.