PER SHADY GROVE FERTILITY'S IVF MARKETER GRIFFIN JONES PUBLISHING AND NEWS - "Fresenius Reportedly Looking to Unload Eugin Group. Includes Boston IVF, TRIO",
German buyer Fresenius was never a legitimate buyer of global IVF assets from NMC Healthcare, and the UAE company's bankruptcy was criminal to begin with. So, one must take the Griffin Jones hearsay (with NO sources involved in the deals) as the advertorial that it is and NOT as legitimate business, finance and M&A journalism at all.
Fresenius was involved in widespread global corruption and Foreign Corrupt Practices Act violations and problems with the United States Justice Department in recent years. There is a reason that it has now been more than 3 years since we heard that NMC Health was looking for USA Chapter 15 protection for its USA affiliates, but there was never any follow up news on the foreign healthcare company gaining access to the United States Delaware court.
Abu Dhabi's NMC Health Seeks Ch. 15 To Shield US Assets - (from www.law360.com) -
"May 29, 2020 -- Already facing international probes of some $4.5B in undisclosed debt, "aggressive" global creditor litigation and insolvency action in the United Kingdom, Abu Dhabi-based private healthcare provider NMC healthcare PLC sought protection for its U.S. affiliates in Delaware's bankruptcy court late Thursday..."
Also, the United States Department of the Treasury's CFIUS (The Committee on Foreign Investment in the United States), blocked Jinxin Fertility's purchase of San Diego Fertility Center around the same time in 2020 (the leading San Diego IVF clinic was subsequently picked up by InTandem Capital and made part of the IVY Fertility platform. CFIUS and allies in the Americas would have not authorized Germany (Fresenius) to buy North American, Canadian and South American IVF assets during Department of Justice investigations and violations of the Foreign Corrupt Practices Act. Fakih IVF, in USA and UAE, an earlier NMC Healthcare acquisition, was untouched in the bankruptcy, and Eugin and Boston IVF were NOT mentioned in the copious bankruptcy filing.
Furthermore, I heavily reported on the collusion between Jefferies Investment Banking analyst James Vane Tempest and Carson Block of Muddy Waters Research to take down down NMC stock on the London Stock Exchange over the course of 2.5 years. Billionaire B.J. Shetty did nothing wrong. The "accounting fraud" was made up to accelerate the freeing of the global IVF Clinics. The Internet has the history of the corrupt analysts coverage of the stock over 2.5 years. Then, the recently acquired IVF clinic groups were never even mentioned in the 215-page bankruptcy filing.
Also, NMC Eugin UK was dissolved SIX MONTHS AGO, a convenient fact that the advertorial news fails to mention.
NMC Eugin UK was dissolved on January 6, 2023.
https://www.eugingroup.com/about-us/
https://www.offshorealert.com/tag/nmc-eugin-us-corporation/
"NMC EUGIN US CORPORATION:
NMC Health Plc: Chapter 15 Petition
**Remember that the 215-page Joint administrators bankruptcy filing for NMC Healthcare had NO mention of Boston IVF or Eugin Healthcare. -
"#BreakingNews - NMC Healthcare Joint Administrators #Bankruptcy 215-PG Filing Has NO MENTION of Boston IVF and Eugin IVF - There Must Have Been A "Clawback Provision" as these Deals Were Less Than 24 Months Old When Alleged Fraud Was Discovered (And I Stress "Alleged" b/c All Evidence Shows BILLIONAIRE B.R. Shetty Was Set Up By Jefferies and Muddy Waters Research in the USA)"
When we add this information together with the fact that Fresenius spent 3+ years doing ZERO advertising or marketing or managing of IVF businesses, one has to wonder if the deal was just a holding pen to protect the IVF assets during pandemic and war. This appears to be the case with the announcement that Private Equity firm KKR bought 80 percent of IVIRMA too. It protects IVIRMA because the news is that they were bought. Meanwhile no human gametes can ship from Spain to USA, but they can if they bounce around to third countries first, obscuring the sourc and origin of the DNA / human tissues.
Please note World IVF Life Sciences Business archives below. Both Boston IVF and Eugin South America have been acting very independently the past 3 years, and Boston IVF principals have entered into joint business ventures, including in Texas, with Shady Grove Fertility. Fresenius has appeared to be a non-issue.
And, exactly simultaneously with Shady Grove Fertility's (US Fertility's) marketer's news that the NMC Healthcare ("Fresenius") Americas IVF Assets are up for sale, the IntegraMed America (Power Corporation of Canada) fertility pioneers dissolved UK entity, AFML Ltd. (Access Fertility Management Limited) applies for reinstatement -
The IntegraMed Fertility pioneers, Mark Segal, Dr. Michael Levy, Dr. Brian Kaplan and Pamela Schumann, hot on the heels of a massive US Fertility acquisition of the Ovation Fertility laboratory network in the USA, and while unwinding the 18-month old $1.6B Cooper / California Cryobank / Donor Egg Bank USA / Cord Blood Registry / Generate Life Sciences deal, are reinstating their UK Management Services Organization. Companies House UK records indicates that European IVF MSO corporate reinstatement should be uploaded with 2021 and 2022 financials by next week -
NMC Eugin UK, the UK Holding company or when NMC Healthcare, the UAE company, was trading on the London Stock Exchange, was dissolved 6 months ago, in January, 2023 -
FROM WORLD IVF LIFE SCIENCES BUSINESS ARCHIVES:
BOSTON IVF IS NOT PART OF LUARMIA SL & EUGIN GROUP, READ CLOSELY:
Articles From A Year Ago Separate "NMC Eugin US Corporation" and Boston IVF from "Eugin Group" And Articles Specifically Say That Boston IVF is NOT part of Luarmia sl and Eugin Group, Only the separate Corporation "NMC Eugin US Corporation"
"Specifically, it (Fresenius Helios Gmbh) has acquired 100% of the share capital of Luarmia SL Spain, which holds the global operations of the Eugin Group except in the United States. For that market, it has purchased 100% of NMC Eugin US Corporation, which owns 70% of the shares of Boston IVF; the rest is in the hands of its doctors."
"Specifically, it (Fresenius Helios Gmbh) has acquired 100% of the share capital of Luarmia SL Spain, which holds the global operations of the Eugin Group except in the United States. For that market, it has purchased 100% of NMC Eugin US Corporation, which owns 70% of the shares of Boston IVF; the rest is in the hands of its doctors.
In 2019, Eugin Group generated sales of €160m and obtained a gross operating profit (ebitda) of €31m.
Eugin Group will start a new business of Fresenius Helios and will report together with Helios Germany and Helios Spain. Eugin´s network comprises 31 clinics and 34 additional sites in nine countries on three continents, with around 1,300 employees. The United States, Spain, Brazil, Italy and Sweden are the largest markets for Eugin Group, which also operates clinics in Denmark, Argentina, Colombia and Latvia."
WHY HASN'T Fresenius Helios Gmbh Been Issuing Any Press Releases On #IVF and #Fertility?
Why would Boston IVF want to be owned by a German dialysis company (they have a dialysis center down the street from me, in fact)"
Boston IVF would have had no choice but to be distributed per bankruptcy liquidators. Just a year prior, they were BOUGHT by NMC Healthcare for approx. $100M. They obviously did not earn the $100M, and it is not public what type of clawback provisions were in the deal.
Most likely, the Boston IVF ten REIs who were paid $100M want to keep the $100M, as well as regain 100 percent ownership of themselves. If this were an amicable partnership with the German Fresenius, there would have been Press Releases about their Fertility partnership.
#MinorityShareholders have A LOT of rights in a company, especially if they have financial backing -
"A minority shareholder may petition the Court to dissolve a corporation on grounds that a majority shareholder has engaged in fraudulent, oppressive, or illegal conduct. If judicial dissolution is ordered, the company can be liquidated or even sold."
Why wouldn't Boston IVF Be Trying to Undo A Forced Sale to a German Company Found Guilty of Massive International Fraud -
"Reuters March 29, 2019 - "Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges"
(So why would #USA and #International #IVF Clinic Groups leaving NMC Healthcare, Accused of almost the same things, go to a Medical group with the same problems?)"
https://lnkd.in/eKPh5r3b (See Below - " "Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges")
Reuters March 29, 2019 - "Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges"
(So why would #USA and #International #IVF Clinic Groups leaving NMC Healthcare, Accused of almost the same things, go to a Medical group with the same problems?)
"Germany-based dialysis clinic operator Fresenius Medical Care AG will pay about $231 million to resolve criminal and civil allegations that the company paid bribes to public health and government officials in several countries to win or retain business, the U.S. Justice Department said...
As part of the settlement, the company admitted that it doled out bribes to officials in Angola and Saudi Arabia from 2007 through 2016, and also failed to maintain proper internal accounting controls, the department said."
For the past few years, the Justice Department has been trying to encourage companies with potential Foreign Corrupt Practices Act violations to come forward and self-report them in exchange for prosecutorial declinations and lower penalties.
The Justice Department said on Friday that while Fresenius did self-report the issues in this case, it got a higher penalty because it did not provide “timely” responses to requests for information and some of its responses were not “fulsome.”
In addition, the misconduct allegedly occurred in 13 countries and allowed the company to profit illegally by more than $140 million, the Justice Department said...
As part of the settlement, the company has also agreed to retain an independent monitor for at least two years, he said."
*Apparently, the "independent monitor" fell asleep!
Committee on Foreign Investment in the United States U.S. Department of Justice
#BreakingNews - NMC Healthcare Joint Administrators #Bankruptcy 215-PG Filing Has NO MENTION of Boston IVF and Eugin IVF - There Must Have Been A "Clawback Provision" as these Deals Were Less Than 24 Months Old When Alleged Fraud Was Discovered (And I Stress "Alleged" b/c All Evidence Shows BILLIONAIRE B.R. Shetty Was Set Up By Jefferies and Muddy Waters Research in the USA)
4 years of my Global #IVF & #LifeSciences Reporting Shows That the takedown of approx. $12B NMC Healthcare was one of the biggest Cross Border #HumanReproduction Scandals to date.
Interestingly Michael Fakih and Fakih Medical Group (Recruitment Portal), who single-handedly built NMC Healthcare out in #UAE and #UK was included in the Joint Administrators Financial Accountings. As were Aspen Healthcare Limited and Luarmia, S.L.
But, one month after the copious Joint Adminstrators' document, NMC Healthcare, apart from its Adminstrators, announced a €430M Sale (11 months ago) of Boston IVF and Eugin to a German dialysis company Fresenius Medical Care.
Former IntegraMed Fertility Hyde Park #Chicago guy Bill Hughson (and Westchester NY former IntegraMed lawyer Gregory Radke) incorporated tens of thousands of shares of a German medical company this year, Smartemis Deutschland & Smartemis - France (purportedly for animal medicine even though they are #HumanReproduction business guys).
"Sales processes have been commenced in respect of Aspen and its subsidiaries, and Luarmia and its subsidiaries. Aspen and Luarmia are not themselves in administration. However, they are both beneficially owned by NMC Healthcare. These subsidiaries are noncore to the NMC Group. The sales processes remain ongoing and no further information can be disclosed at this time"
Well, they were sold "for a total enterprise value of $525m (€430m)" per Gulf Business (love Gulf Business, BTW, strong #Journalism) -
"“Earlier this year we made the strategic decision to focus our resources on our core Middle Eastern assets and this was the key driver behind the decision to pursue a sale of Eugin Group." - Michael B. Davis, CEO NMC Healthcare
We need to ask if #IVF #ART #TPR #HumanReproduction Assets were NOT "core Middle Eastern (healthcare) assets, why was Fakih Medical Group (Recruitment Portal) left to fend for itself in this seemingly crooked cross-border #bankruptcy, which is STILL playing out, btw?
OF COURSE, #IVF is CORE ASSETS to Middle Eastern healthcare. Laws were updated in UAE in 2019 and 2021 to make UAE a booming #HumanReproduction economy, and we all know Dubai is a burgeoning world superpower.
Just a few years ago the German healthcare giant was found guilty of criminal fraud, bribery and corruption in the USA, paid $231M in fines (Reuters)
Watch Boston IVF, Eugin, Fakih IVF and the NMC Bankruptcy/ Fresenius. A lot of movement!
Why would NMC Healthcare divest of frivolous non-core assets (#IVF - hmmmmm!) in the #MiddleEast #UAE by selling to a German dialysis company (thank you so much Amulet Capital partners for highlighting that on your UCSF webinar, as a lot of doctors noted) but KEEP FAKIH IVF in the Middle East?
In an #AnalystCoverage twist more bizarre than bizarre, the SAME Jefferies Analyst James V. (James Vane Tempest) is now slaughtering Fresenius Investor Relations with Bad Analyst coverage just like he and Muddy Waters Research did to NMC Healthcare for 2.5 years driving it from a $12B market cap into #Bankruptcy -
https://lnkd.in/egpX7fWz (Link no longer valid)
Gotta love CooperSurgical Fertility Solutions CEO Comment to Jefferies Analyst on 1st Quarter 2021 Earnings call -
"You're continuing to see new fertility clinics get built or build-out and that's capital equipment purchases and so forth. So those things are always hard to forecast, but the backlog is pretty damn good within fertility."
$1.6B strong maybe ;-) Generate Life Sciences Strong. What ever happened with the regulatory approvals on the Cell Care Australia (and Canada) $200M acquisition you announced this past summer?
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https://worldivflifesciencesbusiness.com/f/boston-ivf-is-not-part-of-luarmia-sl-eugin-group-read-closely
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My educated guess would be that "The Fresenius IVF assets" go to US Fertility / Ovation (i.e. Shady Grove Fertility / Amulet Capital Partners) and The Fertility Partners Canada and its investors. Equally probable is that Ares Capital and their PE partner Mubadala is a logical partner for TRIO, Eugin and Boston IVF. This is because Ares Capital already owns CCRM (Colorado Center For Reproductive Medicine) and Unified Women's Health and a lot of OBGYN assets. Plus Mubadala is the sovereign wealth fund of UAE, and UAE has been systematically opening up its Assisted Reproductive Technologies markets. It helps to have two governments working together, USA and UAE, who want to solve declining global demographics together and who have the combined capital to do so. My third educated guess would be that KKR acquired the assets for its IVIRMA deal. And my fourth thought is that Inception / Prelude Fertility has been expanding in Canada, and that TRIO, Eugin and Boston IVF are not necessarily a package deal, since they were always disparate acquisitions of a corrupt taking down of NMC Healthcare.
Shady Grove Fertility is well-positioned in Santiago, Chile, and also with its The Fertility Partners, Canadian partners, and long-standing USA empire, now including Ovation Fertility. However, the global span of Eugin Group should not be ignored (https://www.eugingroup.com), and whoever ends up owning Eugin Group, has a real shot at taking on IVIRMA as the world leaders. South America is eager to rise and lead in world IVF, as is the still fragmented and slow Canadian market.