Gleiss Lutz advised the family-owned investment holding Porterhouse Group AG in relation to the acquisition of the insolvent Paracelsus clinic group within the context of the insolvency plan proceedings. Since December 2017, the Paracelsus group has been in insolvency proceedings in the form of self-administration which will be concluded once the transaction is closed. Completion is still subject to customary regulatory clearances. In addition, the creditors of the insolvent companies still need to consent to the relevant insolvency plans. The parties have agreed not to disclose any financial details of the acquisition.
Until closing, the current self-administration team will continue to operate the company. Thereafter Prof. Dr. Michael Philippi, who was CEO of Sana Kliniken AG until the end of 2016, will take over the management of the Paracelsus group.
Headquartered in Osnabrück, the Paracelsus clinics operate more than 40 medical institutions at 22 sites throughout Germany, including 13 acute care hospitals, eleven rehabilitation clinics and health centres, a number of medical care centres and a rehabilitation clinic in Switzerland. The group employs around 5,200 employees and is one of the largest private hospital operators in Germany. Porterhouse Group AG is an international, family-owned holding company based in Lucerne. The company was founded in 2016. Around 1,500 employees work for the group in seven countries. Porterhouse specialises in acquiring majority holdings in medium-sized companies and supporting their development on a long term basis and only uses equity for its acquisitions.
Gleiss Lutz is one of the market leaders in restructuring and healthcare, regularly advising on major transactions in the healthcare sector including cases such as Boehringer Ingelheim in connection with the cooperation with ViraTherapeutics, and complex restructuring cases such as Rickmers-Holding or Pfleiderer Group.
Led by partners Dr. Patrick Kaffiné (Frankfurt), Dr. Martin Viciano Gofferje (Berlin, both corporate/M&A), Dr. Andreas Spahlinger and Dr. Matthias Tresselt (both Stuttgart, both restructuring) along with Dr. Stefan Mayer (Frankfurt, tax) the following Gleiss Lutz team advised Porterhouse extensively on the transaction:
Dr. Wolfgang Bosch (partner, competition/antitrust), Dr. Thomas Winzer (partner, employment and labour law, both Frankfurt), Dr. Reimar Buchner (partner, public law/healthcare, Berlin), Dr. Jacob von Andreae (partner, public law, Düsseldorf), Dr. Marco König (partner, public law/healthcare, Stuttgart), Sonja Miletzki (restructuring), Vanessa Sánchez López, Dr. Julius Scheifele (both corporate/M&A, all Berlin), Dr. Alexander Nagel (Düsseldorf, restructuring), Dr. Jan-Peter Spiegel (counsel), Dr. Enno Burk, Dr. Ilona Vilaclara (all public law/healthcare), Dr. André Lippert (public law), Konrad Discher (both Berlin), Svenja Bender (corporate/M&A), Oksana Weber-Kim (real estate), Dr. Thomas Kulzer (counsel, banking and finance), Julia Müller (corporate/M&A), Melanie Nadler-Jagers, Christian Heinrichs (both tax, all Frankfurt), Dr. Matthias Werner (counsel, IP/IT, Munich), Dr. Tobias Abend (Frankfurt), Dr. Eva Heup (Munich), Daniel Heimann (Stuttgart, all employment and labour law), Dr. Bastian Boddenberg, Dr. Carolin Engler (both public law/healthcare, both Stuttgart).
Gleiss Lutz has been advising Porterhouse Group AG since its formation and supported the company in relation to numerous transactions.
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