Portfolio Overview

Merlin Entertainments, based in the UK, is Europe’s largest and the second largest operator of leisure attractions in the world. In 2019, Merlin was the subject of a takeover from a consortium of substantial, established long term investors that took the business private at a price representing an enterprise value of some £6 billion. It is rated B by S&P and B2 by Moody’s.

At the end of 2020 Merlin operated 129 attractions in 24 countries through 3 business segments

• Midway Attractions: small, indoor attractions located in city centres or resorts (115 attractions in 22 countries)
• Legoland Parks: Lego themed accommodation, rides and shows (8 attractions in 7 countries)
• Resort Theme Parks: includes accommodation, rides and shows (6 attractions in the UK, Germany and Italy)

Key Financials of Merlin (£m)

Sources: Company filings.
Note: The information has been extracted from public sources, but has not been independently verified 
1 Reflects pre-IPO capital structure.
² Merlin Entertainments plc

Revenue Geographic Breakdown 2019²

Ramsay Health Care is Australia and France’s largest private hospitals operator, the 5th largest private hospital operator in the world and a constituent of the ASX 50 index. As at 7 September 2021 the company had a market capitalisation of £8.6 billion. Ramsay operated 460 facilities employing over 77,000 staff worldwide as at 30 June 2021.

In the UK, Ramsay has a network of 34 acute hospitals and day procedure centres and three neuro-rehabilitation facilities, caring for almost 200,000 patients per year and employing more than 7,300 people.  Secure Income REIT owns approximately a third of the sites operated by the Ramsay UK business.

The company has a presence in 10 countries including:

• Australia: with 72 medical facilities, Ramsay admits over 1.0 million patients each year and employs more than 31,000 staff
• Asia: operates 3 hospitals and a nursing college in Malaysia, 3 hospitals in Indonesia and a day surgery in Hong Kong through a JV with Sime Derby Berhad, employing more than 4,000 people
• France, Italy, Denmark, Sweden, Norway: operates through Ramsay Santé, with 350 facilities caring for c. 7 million patients each year and employing 36,000 staff

Key Financials of Ramsay (£m)

Sources: Bloomberg, Company filings. Market data as at 7 September 2021
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from AUD using a GBP/AUD exchange rate of A$1 : £0.54 as of 7 September 2021.

Revenue Geographic Breakdown 2021

EBITDA Geographic Breakdown 2021