Case Study

DC Klinieken was refinanced by Investec Bank plc, in order to enable management to fully focus on providing the best quality care with personal attention and on the further growth of DC Klinieken in the coming years.

Lindenaar & Co assisted DC Klinieken, a chain of independent healthcare clinics, with the refinancing of its existing facilities. DC Klinieken specializes in insured care for endoscopy, pain relief, radiology and skin & allergy.

After a competitive process with several financiers, Investec was chosen as the preferred financier. Investec offered the most suitable solution, a combination of attractive conditions and maximum flexibility and headroom for DC Klinieken. As a result, the refinancing supports DC Klinieken’s strategy to continue to provide the best care with personal attention, while continuing to grow in order to achieve national coverage.

Lindenaar & Co advised DC Klinieken throughout the entire process, including exploring all financing options, financial analysis, drafting the financing memorandum, structuring the financing, approaching the right parties as well as negotiating the conditions.

What we have done

Financial model

Lindenaar & Co used DC Klinieken’s existing financial forecast as a basis for further forecasting and scenario analysis. The impact of the lockdowns as a result of COVID-19 was an important part of this. This subsequently formed the basis for structuring the financing and determining the covenants.

Financing memorandum

In order to give financiers a clear picture of DC Klinieken’s activities and plans, and to substantiate the capital needs, a financing memorandum was drawn up with information about the company, positioning, strategy and the financials. Based on the financing memorandum, management presentations were prepared, in which management provided further information to the various financiers about DC Klinieken and the (complex) healthcare market in the Netherlands.

Financing structure

Lindenaar & Co presented a financing structure to the various potential financiers that is characterized by a relatively high level of flexibility and freedom for DC Klinieken. Specific attention was paid to the functioning of the Dutch healthcare market, with the different budget dynamics of the insurers, as this is an important factor for the future growth potential of the company.


Lindenaar & Co further negotiated the term sheets for the financing on the basis of the liquidity needs of DC Klinieken and the desired financing structure, in combination with the conditions of the financiers. This has resulted in a term sheet and eventual refinancing by Investec under favorable financing conditions.

Understanding the business

Because of our knowledge and experience in the healthcare sector, Lindenaar & Co was in a good position to map out the functioning of the Dutch healthcare market for the (foreign) financiers. This enabled the financiers to gain a better understanding of the business and thereby provide a suitable financing solution.

Extensive unburdening

The client relationship with DC Klinieken goes beyond the successful refinancing. Lindenaar & Co takes as much work as possible off the client’s hands, both during preparation and negotiations of the financing. Additionally, aftercare is also very important. Lindenaar & Co wrote a reading guide for the extensive loan agreement and Lindenaar & Co continuously acts as a sounding board and sparring partner for other financial or financing issues.

DC Klinieken
DC Klinieken

DC Klinieken is a growing chain of independent healthcare clinics in the Netherlands. Started as a radiology center in Amsterdam in 1995, DC Klinieken has grown to become a healthcare provider in the field of endoscopy, pain relief, radiology and skin & allergy with 13 locations throughout the Netherlands. DC Klinieken provides high-quality care with personal attention and short waiting lists.