Alantra advises Korian* on the acquisition of the Inicea Group

Oct 2020

Buy-side advisory

Paris – Alantra has advised Korian*, the European leader in care and support services for the elderly and dependent, on its exclusive negotiations for the acquisition of Inicea, the third largest private mental health operator in France, with Antin Infrastructure Partners, an independent private equity firm focused on infrastructure investments, for a total value of c.€360 million including c.€140 million in real estate.

Inicea is the third largest operator in French psychiatry with a network of 19 clinics, of which 7 are independent day hospitals, and with a total of 1,220 beds, or 10% of the sector’s capacity. Beyond full hospitalisation, Inicea has been developing a network of 7 independent day hospitals and plans to open a further 7 by 2023. Inicea is also at the forefront of therapeutic solutions, implementing virtual reality and repetitive transcranial magnetic stimulation (RTMS) therapies. It also makes use of telemedicine solutions for patient monitoring. Inicea benefits from an outstanding reputation for its operational excellence and the quality of its services, with most of its clinics graded “A” by the French High Authority of Health.

This transaction further strengthens Korian’s position in mental health solutions by creating a network of 30 psychiatric establishments, which will represent 17% of the total private psychiatry market in France.

The transaction has been unanimously approved by Korian’s Board of Directors and remains subject to certain customary conditions precedent. Closing is expected during Q4 2020.

This is Alantra’s 17th transaction in the European care services industry in less than 3 years. Alantra’s French Healthcare team are leading advisors to the industry and recent transactions include advising: LNA Santé on its acquisition of Clinique Développement; Korian on the acquisition of 5 Santé Group; on an investment in Vivalto Vie; Korian on its acquisition of Omega Group; Residalya on the sale and leaseback of 14 nursing homes to Icade Santé;  advised the founder of Philogeris Residences on his OBO; and advising Colisée on the acquisition of STS Group.

(*) Korian changed its name to Clariane in May 2023