The European number one retirement home Korian will launch a capital increase of 400 million euros to afford the psychiatric operator Inicea and strengthen its activities dedicated to mental health, he announced on Thursday.
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The amount of the acquisition of the
"third private psychiatric operator in France"
amounts to 360 million euros,
"including around 140 million euros of real estate investment"
, said a press release from Korian, entered into exclusive negotiations with the Antin Infrastructure Partners fund, shareholder of Inicea.
The capital increase will be launched
“as soon as the appropriate market conditions are met”
and the shareholders will benefit from a preferential subscription right, for a finalization of the acquisition expected in the fourth quarter of 2020. This buyback will make Korian the number three in the private sector of psychiatry in France behind the groups Orpea and Ramsay, said the management, while
"The rest of the market is still very poorly consolidated with a few regional groups and quite a few still independent, family players"
.
Inicea has a network of 19 clinics, including 7 independent day hospitals and 1,220 beds, and owns the real estate of 10 of its establishments.
These 19 clinics will be added to the 11 already owned by Korian.
Inicea's turnover in 2021 should reach 110 million euros, according to the press release from Korian, which estimates that its own operating margin should emerge strengthened from this acquisition.
Increase in activity level
The group of retirement homes expects third-quarter turnover of between 945 and 965 million euros, a level of activity
"resolutely higher than that of the second quarter"
(935 million euros), affected by containment measures in Europe.
Over the year,
"the group anticipates overall growth of over 5%",
and projects
"a turnover of 4.5 billion euros by 2022, resulting from an increase in the share of activities medical services and the diversification of the services offered. "
The group also appointed this Thursday Jean-Pierre Duprieu chairman of its board of directors, replacing Christian Chautard who wanted to end his mandate for personal convenience, according to a separate press release.
Former member of the Air Liquide group's general management, Jean-Pierre Duprieu has been a member of the board of Korian since June 2016 as an independent director.
