The president of Quirónsalud once again allies himself with the CVC fund and joins the largest Greek private health group

The Spanish private health tycoon Víctor Madera, architect of the Quirónsalud group and non-executive president of this company, once again bets on the business that made him a billionaire. He has done it hand in hand with CVC, the fund with which he created what is now the leading company in the sector in Spain and which they both sold in 2016 to the German group Fresenius.

Madera has set her sights on Greece in alliance with that British fund. HCI, the Luxembourgish company of the Asturian billionaire, has become a minority shareholder in Hellenic Healthcare (HHG), the largest private healthcare group in Greece, owned by CVC and various local investors and controlled by companies from Cyprus, Jersey or Liberia.

In the accounts for the 2019 financial year, which it has recently deposited in Luxembourg, HCI indicates that "on June 30, 2021, the company acquired 3,344,550 shares of Hellenic Healthcare S.á.rl for 6 million euros".

That package of HHG's parent company, also Luxembourgish, belonged to a Jersey company, DSDS Holdings Limited, formerly called Hellenic Healthcare Holdings CY Ltd. Those 3.3 million shares would be equivalent to about 1.5% of HHG's capital. Wood and CVC have not wanted to comment on this operation.

With seven hospitals, including Hygeia, "the first large private hospital founded in Greece in 1970 and today one of the largest in the country," according to its website, HHG was created in 2018. It is "the largest healthcare group in Greece with 1, 1 million patients treated annually, 1,400 hospital beds, more than 6,000 affiliated doctors and 4,000 hospitals."

Recently, HHG has made its first investment abroad, the acquisition of the Apollonion Private Hospital, in Nicosia (Cyprus). It has also donated resources to Greek public health after the pandemic, according to the British fund on its website.

In it, this firm extols, when reviewing the Quirónsalud case, how "it believed that Víctor Madera had an exciting vision for the business and felt that CVC could help him make it a reality". The result was multimillion-dollar capital gains for both and their paths have now met again.

CVC, one of the world's investment giants, is a shareholder in Spain of such well-known companies as Naturgy, Deoleo, Exolum (the former CLH), Tendam (Cortefiel), Vitalia (nursing homes), as well as a member of LaLiga. It has already carried out very relevant operations in the private health sector in France, Finland or Italy, in addition to Spain and Greece.

In this country, it owns the largest Greek electricity company, Public Power Corporation, and the Vivartia food group, among other assets.

In 2020, the last available financial year, Hellenic Healthcare, the Luxembourg holding company of this Greek private health group, recorded a turnover of 367 million and a profit of 42.2 million. Its net debt was 318 million, according to its consolidated accounts for that year.

Víctor Madera adds that small participation in HHG to the 1% that he maintains in the German giant Fresenius, owner of Quirónsalud. This package has its origin in a bonus of more than 400 million in shares of the German group whose delivery Madera agreed after the sale of Quirónsalud, until then controlled by CVC, and of which the Asturian was the chief executive and minority partner. Fresenius paid 5.76 billion for the old Capio. It was a record transaction in the history of this sector in Spain.

Madera controls its shares in Fresenius through HCI, which in its 2018 accounts (presented in 2021) ensured that the private health sector will be "favored" by the pandemic. This company closed the 2019 financial year with assets of 608 million, 19% more than a year earlier.

This discreet Oviedo, who has just turned 61, was trained as a sports doctor. Madera soon saw the private health business that would make him a multimillionaire, thanks to the concerts with different administrations, and especially with Esperanza Aguirre's Community of Madrid.

First, through IDC, which he founded at the end of the 1990s and which he would turn into one of the main groups in the sector in Spain. At first, hand in hand with CVC; then with Sweden's Capio (which acquired a majority of IDC in 2005) and later, again, with CVC. The British fund bought the company in 2011 to merge it three years later with Quirón and sell it as Quirónsalud (and with him as chief executive) to Fresenius.

The latest ranking of the rich in El Mundo attributes to Madera a wealth of 730 million euros, in 76th place with the greatest fortunes in Spain. With homes in La Moraleja and in London, in recent years it has made a strong commitment to real estate. His real estate portfolio includes singular houses, mansions, manor houses, castles and estates in almost all of Spain.

Since last year, Madera has chaired the holding company to which Ratpanat Luxury & Adventure belongs, a travel agency based in Valladolid dedicated to organizing luxury safaris in Africa.

Madera, which usually buys emblematic enclaves to rehabilitate them and later transform them into tourist businesses, is the owner in Asturias, among other properties, of the Cercáu de Llanes palace, a jewel from the end of the 16th century; the Torres de Donlebún, in Barres; the Trenor Palace, in Figueras, and the Palace of the Marquis of Santa Cruz, in the center of the Castropolense capital.

It also has properties such as the Torres de los Morenos palace in Ribadeo (Lugo), a country house in Fresnedillas de la Oliva (Madrid) and three apartments on Valenzuela street (between Alcalá and El Retiro).

In Madrid, one of his latest projects has been the conversion of an emblematic building in the Plaza de la Independencia, in front of the Puerta de Alcalá, which he plans to convert into luxury apartments with a swimming pool in the attic, according to what he said. The Newspaper of Spain.

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