The French nursing home and clinic operator Korian has acquired the German nursing home chain Casa Reha. The parties have agreed not to disclose the purchase price.
This acquisition marks Korian's third purchase in Germany, following the acquisitions of the Phoenix and Curanum nursing home chains. Casa Reha, previously owned by the British financial investor Hg Capital since 2007, was initially expected to sell for 300 million euros. While the actual sale price remains undisclosed, Hg Capital reports receiving 77 percent more than the book value of Casa Reha. The previous owner, Advent, still held a minority stake.
Casa Reha, based in Oberursel near Frankfurt, operates 70 nursing homes with more than 10,000 beds and 4,100 employees. According to financial sources, the company generates an annual turnover of 270 million euros and an operating profit (EBITDA) of 30 million euros. With this acquisition, Korian now operates 216 homes with more than 27,500 beds in Germany, employing 12,400 people and generating a turnover of 780 million euros, which constitutes a significant portion of the Group's overall revenue.
Korian's CEO, Yann Coleou, stated that this acquisition brings the company closer to its goal of achieving a turnover of three billion euros. The locations of the three acquired chains complement each other well. Korian won the bid for Casa Reha against its French competitor Domus Vi, owned by the financial investor PAI Partners.
Prof. Dr. Dr. Ulrich Hemel, a partner at ConAlliance, served on the expert advisory board of Casa Reha and subsequently restructured the company as Chairman of the Management Board.
For more information, please visit www.conalliance.com.