Italy

 

European listed care groups: A financial review and comparison

First half 2016 results for the major care home groups point towards solid 5-6% organic sales growth from Orpea and Korian with the latter gradually recovering from the crisis which saw the replacement of CEO Yann Coleou at the turn of 2015. Recently listed Nordic groups Attendo and Humana are benefitting from strong demand for new nursing home beds from public payors and expansion in Finland. But Swedish proposals to limit the return on public-private care services to 8% of return on equity plus net debt (before inflation) pushed shares down. Meanwhile, Middle Eastern investors have bought in to Italian operator KOS.
September 12, 2016

DentalPro buys DentaDent to create €120m dental network

Only one month after acquiring dental chain Giovanni Bona, Italy’s largest dental network DentalPro buys DentaDent, a small network of 7 dental clinics. Expect 70 new clinics in the next three years and more consolidation in the Italian market, says DentalPro’s president Michel Cohen.
July 22, 2016

Lifebrain sells Swiss labs to Synlab

Austrian based lab consolidator, Lifebrain, has sold its Swiss labs to Synlab and will now focus entirely on the fragmented Italian market, says CEO Dr Michael Havel. Having bought 100 labs in the last 12 months, he claims to have 50 more in the pipeline, and expects EBITDA margins of 30% on sales of €135m by 2017.
July 15, 2016

Could Eurofins break the Unilabs impasse?

Bioanalytic testing outfit Eurofins Scientific has just raised €200m through a private placement with La Caisse des Dépôts et placement du Québec (“CDPQ”), one of Canada’s largest institutional fund managers. CDPQ and other institutions have also said they are happy to dip into their pockets to fund more acquisitions. West European lab/imaging group Unilabs could be a target.
July 1, 2016

Affidea boss denies rumours

Affidea CEO Dimitris Moulavasilis has categorically denied rumours that Waypoint Capital might be willing to sell the Pan East and South European imaging service provider. There was speculation that such a sale would have left the way open for a large private equity house to buy both Affidea and Alliance Medical, where M&G is looking for a sale, and merge them to create a truly Pan-European operator. Instead, Moulavasilis expressed interest in further acquisitions to grow the company.
June 21, 2016

Who’d buy Alliance Medical?

Alliance Medical, one of Europe’s two big imaging service groups, has appointed Rothschild to consider strategic options, according to Sky News. So who would want to buy it? Big medtech?
June 14, 2016

CIR buys Kos stake

French private equity house Ardian has agreed to sell its 47% stake in Italian care group Kos for a 12x EBITDA multiple of €292m. Ardian had drag-along rights starting in September 2016 that could have forced majority shareholder CIR to sell to a larger bidder. This explains a higher price than the initial €230-280m prediction.
March 31, 2016

Trilantic buys into Italian rehab

Private equity house Trilantic Europe is investing €66m for a minority stake in Italian rehabilitation centre Fondazione Salvatore Maugeri. Vittorio Pignatti Morano, chairman of Trilantic Europe, tells Healthcare Europa how the group intends to expand through private sector acquisitions and partnerships with the public sector.
March 2, 2016
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