Alantra advised Chequers Capital on the acquisition of EMVIA Living, a portfolio of 46 nursing homes, from German MK-Kliniken AG

Nov 2017

Buy-side advisory

Alantra advised Chequers Capital (“Chequers”) on the acquisition of EMVIA Living, a portfolio of 46 nursing homes, (“the Company”) from MK-Kliniken AG. With this acquisition Chequers is creating one of the leading German nursing home operators with a strong footprint in the North-Eastern parts of Germany. Alantra’s Frankfurt team provided exclusive debt advice to Chequers.

In a competitive financing process Alantra structured a synthetic stretched senior financing comprising a Unitranche Facility as well as Super Senior Debt from two banks.

“This transaction marks the fourth successful transaction with Chequers within the past 18 months. This is a milestone transaction within the German healthcare industry and will be a very visible deal in the market”, remarked Robert von Finckenstein, Managing Partner and Head of Debt Advisory & Restructuring at Alantra’s Frankfurt office.

Chequers acquired a portfolio of 46 nursing homes, with more than 5,500 beds, about 3,200 employees, and sales of around €200 mn (2016/17). The Company is one of the top 15 largest players in Germany. Service offerings are comprising full-time stationary care, short-term / holiday care as well as assisted living. The Company is headquartered in Hamburg and Berlin, Germany and operates in 12 federal states.

“Working with Alantra on this financing was a great help. This holds true for both, the resource aspect as well as the structural details of the financing package. With the negotiated terms, EMVIA Living is ideally prepared for future buy and build as well as green field investments in new homes”, commented Sven H. Schulze, Director at Chequers.

Originally founded in Paris in 1972, Chequers has unique experience in acquiring and developing small, medium and large-sized companies in partnership with their management. With financial resources of more than €2.0bn under management, Chequers invests in companies with an enterprise value between €50mn and €500mn. Chequers’ team of twenty investment professionals in France, Germany and Italy has invested in many sectors and structures (majority or minority LBO, take-private, growth capital transactions), with a particular appetite for carve-outs from large groups as well as niche leaders with strong international footprint. Until today, Chequers has carried out more than 300 transactions.