PARIS--(BUSINESS WIRE)--Regulatory News:
Korian Group (Paris:KORI), European expert in care and support services for the elderly, announces the acquisition of a portfolio of six nursing homes on the Balearic Islands from Grupo 5, a care service operator specialized in the fields of mental health, neurologic rehabilitation and social care.
One step further to build a strong platform in Spain
This acquisition expands the offering of Seniors, a Spanish company acquired by Korian early 2019 which operates 7 high-end facilities in Andalusia and 2 facilities in Valencia , representing a diversified portfolio of more than 1,300 beds, including nursing homes, assisted living and day care services.
These 6 additional facilities, located on the island of Mallorca1 care for nearly 700 residents (private and concerted beds2) and 130 day centre visitors.
ISO 9001 certified, they meet Korian’s quality standards both in terms of comfort and care. In particular, they rely on experienced multidisciplinary teams that operate according a people-centered model to provide personalized and adapted care to the needs while promoting proximity as well as facilitating connection with families, in line with Korian’s Positive Care.
All the centres are operating under land concession agreements of 27 years on average, linked with secured concerted bed agreements of the same duration.
Thanks to this new acquisition, Korian now benefits from a strong Spanish platform of 15 facilities with c. 2,160 beds and a total turnover of about €34m, which gives it a presence in three regions in which equipment needs in terms of elderly care and dependency are important.
Guillermo Bell, CEO of Grupo 5, stated: " We are delighted to leave our nursing homes in the care of the Korian Group that benefits from proven European expertise in this area and has a solid reputation in providing personalised and continuous care to the elderly. With this partial divestment, we are focusing on the development of new centres in the areas of mental health and neurologic rehabilitation.”
Sophie Boissard, CEO of Korian Group added: “We are proud to have been entrusted the nursing home activities of Grupo 5 that invested heavily in both quality and care for elderly. We reached a second phase in building a Spanish platform. Korian will continue to actively pursue its development in the Spanish market and will take advantage of the opportunities in the Balearic Islands to expand its historic business and to develop adjacent activities.”
Next publication: 31 July 2019
Half-year revenue and results 2019 (after market close)
Korian, an expert in care and support services for the elderly, manages Europe’s leading network of long-term care nursing homes, specialised clinics, assisted living facilities, and homecare and hospital-at-home services.
For more information, please visit the website: www.korian.com
Korian has been listed on Euronext Paris (Compartment A) since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap
Euronext Ticker: KORI - ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP
1 Locations : Manacor, Inca, Pollença, Sant Joan, Montuïri
and Santa Margalida (Can Picafort).
2 Concerted beds are subsidised by regional public authorities.
The execution of the transaction is still subject to the approval of the antitrust authorities in Spain, which is expected in due course.