Acquisition · Healthcare services (foot clinics)
CUC makes first US deal, buying majority of podiatry group Beyond Podiatry
- Buyer
- CUC (Tokyo)
- Target
- Beyond Podiatry (Albaron Podiatry Holdings, 79.35%), Michigan, Illinois and Ohio
- Value
- About ¥10.0B (about $70M) for 79.35%; the business was valued at $87M
- Status
- Completed January 5, 2024.
- Date
- 2023-12-22
CUC, a Tokyo medical services company in the M3 group, agreed to buy 79.35% of Albaron Podiatry Holdings, which runs more than 30 Beyond Podiatry foot clinics in Michigan, Illinois and Ohio, from private equity firm Albaron Partners. CUC put the price at about ¥10 billion; the seller's lawyers said the deal valued the business at $87 million.
Why it matters
Foot problems are rising with aging and diabetes; it was CUC's first US purchase and the first private equity exit in US podiatry.
About Beyond Podiatry
Beyond Podiatry was formed in 2018 and grew by buying practices and opening clinics, which now also reach Kentucky and Indiana. It treats more than 125,000 patients a year for problems such as diabetic wounds, fractures, sports injuries, plantar fasciitis and bunions, and recently added a vein clinic business. It had sales of about ¥3.22 billion and an operating loss of about ¥286 million.
About CUC
CUC was set up in 2014 to support home health care providers in Japan and is part of M3, the online medical information company. It began expanding abroad in 2019, mainly in Southeast Asia, and supports more than 100 hospitals, hospices and clinics in Japan, Indonesia and Vietnam. Beyond Podiatry's managers stayed on, with CUC naming several directors. BDA Partners advised CUC.
Sources
Kakehashi M&A News home
