Colisée, a leading player in the elderly care segment in France, Italy and Spain, has signed an agreement to acquire Armonea Group NV, a leading independent senior care organisation in Belgium also active in Spain and Germany. Colisée is supported by the IK VIII Fund and its advisor IK Investment Partners. Financial terms of the transaction are not disclosed and completion of the transaction is subject to regulatory approvals.
Founded in 2008 from the merger of Restel Residences and Group Van den Brande, Armonea is the leading senior care organisation in Belgium, Spain and Germany with more than 17,000 beds under management. The Company manages nursing homes, service flats & residencies. Owned by Verlinvest and Group Van den Brande, Armonea is headquartered in Belgium and employs c. 6,500 FTEs.
The acquisition of Armonea is at the core of Colisée’s strategy to build a European leader in the elderly care segment.
The combination of Armonea and Colisée is based on a complementary geographic profile as well as shared values and vision that will enable synergies at a group level. The combined Group will become the fourth largest European player in the elderly care segment with c. €1bn of revenues.
”This is the combination of two recognised players in their core geographies, with a clear alignment in terms of culture and shared values. Both strive to offer the highest quality of care to their residents. We are very pleased to welcome Armonea’s management team and employees in a combined group totalling c.270 facilities and more than 26,800 residents in five major European countries,” said Christine Jeandel, CEO of Colisée.
”We are delighted and very proud to support Colisée in building the fourth largest European player, thus actively participating in the reshaping of a consolidating industry. We look forward to partnering with an enlarged, experienced and talented management team led by Christine Jeandel,” added Dan Soudry, Managing Partner at IK.
The Group will refinance its existing debt with the support of Barclays, Natixis, SG and CIC. The transaction is subject to regulatory approvals.
Parties involved
Colisée: Christine Jeandel, Damien Delacourt, Alexis Jungels, Brigitte Siad
IK Investment Partners: Dan Soudry, Rémi Buttiaux, Diki Korniloff, Guillaume Veber, Vincent Valkiers
Buy-side M&A advisors: Lazard (Francois Guichot-Perere, Emmanuel Plantin), Natixis Partners (Ludovic Tron), Case (Damien Segond, William Gobbi)
Buy-side Strategic DD: LEK (Serge Hovsepian, Arnaud Sergent)
Buy-side Financial DD: 8A (Pascal Raidron, Katia Wagner)
Buy-side Legal advisor: White & Case (Thierry Bosly, Muriel Alhadeff, Raphael Richard)
Financing banks: Natixis (Arnaud Brogi), Barclays (Thibery Gleizes), CIC (Brice Bourrely), SG (Patrick Sandray)
Legal advisors financing banks: Latham & Watkins (Xavier Farde)
Sell-side M&A advisors: Rothschild (Franck Demeoen, Jean-Francois Limpens), PJT (Alberto Fernandez, Kiara Mitchinson)
For further questions, please contact:
Colisée
Marie-Gabrielle de Marchis
Phone: +33 6 69 40 32 17
mg.demarchis@nouvellesaison.com
Armonea
Koen Peeters
Phone: +33 1 70 38 25 54
koen.peeters@armonea.be
IK Investment Partners
Dan Soudry, Partner
Phone: +33 1 44 43 06 60
Mikaela Murekian
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.murekian@ikinvest.com
About Colisée
Colisée is a key player in the global health care and old-age dependency sector, and has developed a real expertise in elderly people care and well-being. Its network includes 119 facilities in France, Italy and Spain and home-based services agencies in France. In those two business segments, Colisée employs more than 8,000 people. For more information, please visit www.groupecolisee.com
About Armonea
Armonea is the largest independent senior care organisation in Belgium. Every day our 6,500 employees help more than 9,000 seniors enjoy their age in the way that suits them best. In its (almost) 40 years of existence Armonea gained a great deal of expertise in dementia, including with a specialised residential care center in Uccle. Through our dementia knowledge center Anahata, we share this knowledge and experience with our 74 residential care centers in Flanders, Brussels and Wallonia. Armonea also provides stays in residences or assistance homes. Armonea is also active in Spain and Germany. More information about Armonea and our residential care centers on www.armonea.be
About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 125 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com
