Quadriga acquired a majority stake in United Therapy, one of the leading physiotherapy networks in Germany. It was recently formed via a merger of Novotergum GmbH and Deutsche Arzt AG, in April 2022. Across more than 50 locations, the newly formed group combines analog physiotherapy offerings with digital telemedicine services, and has the clear mission to be an innovative ecosystem and network for holistic care solutions.

Barings acted as the sole lender to United Therapy, providing senior facilities to facilitate the company’s inorganic growth plans. As the company develops, it will seek to acquire additional practices, as well as expanding its service offering. The financing also includes a tailored ESG margin ratchet.

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