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Theenemywithin THE POINT Intelligent investing in Europe from Bridgepoint Issue 19 | May 20 11 The enemy within Combating the menace of cyber crime Clocking out Complementary medicine Time for a rethink on Why health services need working lives the private sector bridgepoint.eu CONTENTS 2 INS & OUTS Investments and exits across Europe 6 MANAGEMENT FOCUS Pressing pause Living longer could mean adopting a very different attitude to work 12 TALKING POINT The raw truth Rising commodity prices affect us all. How can companies cope? 18 22 IN MY OPINION IN THE SPOTLIGHT A private diagnosis The enemy within As director of NHS Partners Network, Cyber crime threatens individuals, David Worskett is one of the most industries and even governments powerful voices in the UK health sector 28 FACE TO FACE Taking care Mike Parish runs Care UK and is at the cutting edge of seismic shifts in social care 33 MARKET INSIGHT Changing the landscape As government budgets come under pressure, will the private sector help fund infrastructure? 36 LAST WORD Can’t complain New Yorker Stryker McGuire compares the ability of nations to complain FOREWORD Security questioned In these extraordinary times of political change I’m reminded of H L Mencken’s comment that “Most people want security in this world, not liberty”. An interesting observation for the 21st Century. But the reverse would certainly appear to be true when it comes to IT. You only have to look at the number of incidents last year alone to realise that not only are individuals lax, but companies too underestimate the threat represented by ‘cyber crime’. It’s an issue for all of us and one that’s far bigger than most people realise. The danger posed by organised virus attacks and the efforts being made at national levels to ensure the right steps are being taken to avoid disaster are explored in our cover story (page 22). Across the world increased longevity is forcing people to rethink how they lead their lives, and to re-examine traditional work patterns. We examine this phenomenon, challenge the accepted view that our 30s and 40s are ‘the rush hour of life’ and investigate whether several careers later in our lives are a realistic alternative (page 6). Although it may be time to reassess traditional work patterns, employers may of course have other things on their mind. Ask any business owner what they are struggling with and in all likelihood they will cite the surge in raw material prices – everything ranging from cocoa to copper – over the past decade. In real terms they have more than doubled and the trend is accelerating. We outline which businesses have been hit most, and how, if at all, we can mitigate the negative effects of this super-cycle on our lives (see page 12). Bridgepoint’s interest and track record of investing in healthcare remains undiminished. In this edition we profile the chief executive of one of our investments, Mike Parish of Care UK, a seasoned healthcare professional we supported when we delisted the business last year from the London Stock Exchange (page 28). We also have the views (page 18) of David Worskett from the UK’s NHS Partners THE POINT Network. He argues strongly in support of the private sector’s role across Europe in assisting national healthcare systems to meet ever-increasing patient demands. In a similar vein, we explore how the downturn has forced governments to find May 2011 Issue 19 alternative ways of either funding infrastructure projects or realising value from their Published by sale. We also look at the private sector’s contribution to this vitally important part of the Bladonmore (Europe) Ltd Editor European public arena (page 33). Joanne Hart Our regular ‘Ins & Outs’ (page 2) has news on four new investments made by Design Bagshawe Associates UK LLP Bridgepoint funds in France, Germany and the UK. And finally, Last Word examines the Reproduction, copying or skill, or lack thereof, of complaining around Europe through the extracting by any means of the whole or part of this eyes of American commentator Stryker McGuire. publication must not be undertaken without the Enjoy the read I written permission of the publishers. The views expressed in The Point are not necessarily those of Bridgepoint. William Jackson www.bridgepoint.eu is managing partner of Bridgepoint 1 IN S &OUTS BRIDGEPOINT news across Europe A definite chemistry A healthy option Bridgepoint has acquired CABB, a German chemical company with market-leading Bridgepoint has highlighted its commitment to the healthcare sector with the positions in a number of specialised areas. acquisition of a leading French hospital chain. Médip ôle Sud Santé is a private intend to double the size of the hospital group in the south of group. France, operating in the cities of Benoît Bassi, partner responsible for Polyclinics’ Perpignan, Narbonne, Nîmes and Bridgepoint's investment activities in Avignon. The business is the sixth- France, says: “The strategy of the potential largest in France and has strong company thus far has enabled it to potential for growth. build a leadership position in the Médipôle Sud Santé currently Languedoc-Roussillon region, operates from 10 sites offering a providing the best local healthcare wide range of offering, and establishing Bridgepoint Development Capital, services including itself as an undisputed Bridgepoint’s lower mid-market medicine, player in the private business, has acquired Compagnie surgery, obstet - healthcare sector. Our Stéphanoise de Santé (‘C2S’), a rics and objective is to make healthcare specialist in the Rhône- gynaecology. The Médipôle the leading Alpes region of France. The company group has already private company in is the main operator of private established itself medicine, surgery, obstet - ‘polyclinics’ in its area, offering general and specialist medicine, as a leading rics and gynaecology in including cardiology, gynaecology, CABB is a global leader in the thickening agent for certain strategic value of the company.” player in the southern France in the orthopaedics and general surgery. manufacture of specialty foodstuffs and is a component in CABB has a leading position in private healthcare next five years.” C2S has 11 clinics, including one in chemicals. Based in shampoos. its markets, solid cash flow and is sector, acquiring clinics across the Marcel Hermann, founder and Lyon, acquired immediately Sulzbach/Taunus, near Frankfurt, CABB works extensively with expected to grow substantially south of France. Bridgepoint’s chief executive of Médipôle Sud following the Bridgepoint Develop - the company works with a range of companies in the agrochemical, over the next few years, as it acquisition of the company is Santé, says: “Healthcare companies ment Capital (BDC) investment. chemical products and delivers food, pharmaceutical and chemical pursues a more global strategy. expected to rely heavily on delivering consis - With 250 practitioners and annual “Our objective is to € custom-made manufacturing industries, providing tailor-made The company has a particularly strengthen this tently high-quality services and, revenues of around 110 million, make Médipôle the C2S enjoys a strong regional base solutions across a wide variety of solutions for new products as they strong presence in the agroprod - leading private position. given the economic and financial but there are opportunities to expand industries. CABB has four develop. The German group is also ucts sector and should benefit company in The firm issues involved in a business such the business, consolidate its leader - manufacturing sites in Germany, one of the world’s principal from the world’s growing popula - medicine, surgery, intends to as ours, we are pleased to welcome ship position and secure meaningful Switzerland and India and operates suppliers of chemical building tion and increasing demand for obstetrics and support Bridgepoint as a partner. With efficiency gains. from sales offices in Argentina, blocks based on chlorine and food. gynaecology in Médipôle Sud extensive experience in the health - Pierre Colasson, BDC partner in southern France in France, says: “With a sound manage - China, the UK and the US. It has acetic acid. The company’s Graham Oldroyd, the partner the next five years ” Santé in the care sector, the firm is well placed to 750 qualified employees and product portfolio covers reagents responsible for Bridgepoint’s acquisition of help us continue our growth plans.” ment team, strong regional profile and the financial resources from annual revenues of more than for chlorination, sulfonation and investment in the manufacturing Bridgepoint has invested in a new clinics as regulatory and Bridgepoint, C2S can become one of € 300 million. methylation. and industrials sector, says: “CABB technological trends evolve. The number of healthcare businesses the leading groups in the French CABB has a world-leading CABB chief executive Dr Martin has significant potential for further private hospital sector has across Europe in recent years private hospital sector.” position in the production of Wienkenhöver says: “CABB has earnings and profit growth by performed well in France, despite including Medica in France, Bruno Limonne, founder and monochloroacetic acid (MCAA), an lead positions in many of its becoming a more global market recent economic constraints. The Diaverum in Sweden, Terveystalo in group CEO of C2S, adds: “Bridge - essential component in products markets and a well-diversified leader through expansion and population is ageing and both Finland and Care UK in the UK. point’s investment will allow us to as wide-ranging as herbicides, product portfolio but we remain selective, targeted bolt-on acquisi - patients and health authorities are Médipôle is Bridgepoint’s second grow further in ways that would have personal care items and food. ambitious for the future growth of tions that Bridgepoint and attracted by the sector’s ability to investment in France in the last 12 been impossible on our own.
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