Alantra advises DOREA on the refinancing and structuring of a new senior credit facility of close to 90 million euros

Nov 2019

Debt Refinancing

Value €90 million

Berlin/Frankfurt/Paris – Alantra, a global investment banking and asset management firm focused on the mid-market segment, has advised DOREA GmbH (“DOREA”), a leading German operator of nursing homes and provider of outpatient care services, on the refinancing and structuring of a new senior credit facility of approx. 90 million euros. In addition, an un-committed acquisition line of 35 million euros was agreed to enable further growth.

DOREA was founded in 2015 by Axel Hölzer with the support of Quadriga Capital. In the course of a dedicated buy-and-build strategy with more than 30 add-on acquisitions, he has created a Top 10 private player in the expanding nursing care market in Germany. As the fastest-growing nursing care provider in the country, the company currently operates 70 nursing homes with more than 6,800 beds and provides outpatient care services for around 1,200 elderly people. Following the sale of a majority stake to Groupe Maisons de Famille (“MdF”) in November 2018, which was also advised by Alantra, DOREA was able to increase its growth rate substantially once again.

The new majority shareholder MdF is part of Creadev, a strategic and long-term investment company of the Mulliez family, which operates leading global companies in various service industries in 35 countries. MdF currently operates more than 150 nursing homes in France, Italy, Spain and Germany with a total of over 16,000 beds.

“We thank the entire Alantra team and in particular Maximilian Rohardt and Christopher Jobst for their support in the complex structuring process for the new senior credit facility for DOREA,” declared Axel Hölzer, founder and CEO of DOREA GmbH. “Alantra has supported DOREA in all key financing rounds since the company was founded. The long-standing basis of trust, the high level of industry expertise and the international positioning, which enabled us to coordinate quickly with our majority shareholder MdF in Paris, were critical to the success of the agreement we have now reached.

“We are very proud to have supported DOREA on the debt and M&A advisory side for the fourth time in the last 24 months,” said Robert von Finckenstein, Head of Debt Advisory and Managing Partner at Alantra Germany. “The company has developed extremely successfully since its inception. The new senior credit facility gives Axel Hölzer and his colleagues the necessary flexibility to seize further growth opportunities in the dynamic market for the operation of care and senior citizens’ facilities.”