Leading positions in the global dialysis market and the European clinical nutrition and infusion therapy markets. Strong presence in the German and Spanish hospital markets. Presence in industries with positive underlying growth trends. Recurring revenues and cash flow stream from the life-saving and life-sustaining products and therapies that the group offers, such as dialysis and generic intravenous (IV) drugs. Lack of widely available substitutes to dialysis. Geographically diverse asset base, which mitigates exposure to the economic cycles of individual countries. Track-record of brisk growth, both organic and acquisition-driven. Exposure to public funding and changes in reimbursement policies. Track record of debt-financed acquisitions, which may temporarily stretch the financial profile. Track record of average debt to EBITDA above 3x and adjusted
