Alantra advised the recapitalization of DOREA Group

Sep 2017

Debt refinancing

Alantra advised Quadriga Capital IV Limited (“Quadriga Capital”) on the recapitalization of Quadriga Capital Private Equity Fund IV LP’s portfolio company DOREA Group (“DOREA”). Established in 2015, today, DOREA is the fastest growing nursing home operator in Germany. Alantra’s Frankfurt team provided exclusive debt advice.

In a competitive process – including banks and debt funds –Alantra structured an attractive senior debt package, plus highly flexible acquisition facilities which was provided by a consortium of four banks.

“This transaction marks the second successful transaction with Quadriga Capital within the past six months and represents another milestone transaction within the German nursing home industry”, remarked Robert von Finckenstein, Managing Partner and Head of Debt Advisory & Restructuring at Alantra’s Frankfurt office.

With 44 nursing homes, more than 4,200 beds, more than 3,200 employees, and sales of around €140mn (2017), DOREA is one of the 15 largest private operators in Germany. DOREA follows a dedicated buy-and-build strategy with an impressive add-on story comprising 10 acquisitions within the last 18 months. Service offerings comprise stationary and ambulatory care as well as specialized care services, preliminary in the Northern and Western parts of Germany.

“It has been a great pleasure to work with and to benefit from the experience of Alantra’s debt team on this important step for DOREA. This highly flexible capital structure will enable DOREA to further accelerate its already impressive growth and integration path”, commented Dr. Alexander Friedrich, Partner of Quadriga Capital Beteiligungsberatung GmbH, who acts as an Investment Alantra advised Quadriga Capital.

Quadriga Capital Funds are specialized in organizing majority acquisitions of medium sized growth companies to support their internal and external growth. With a longstanding track record dating back to 1990’s, more than 120 investments in 4 target sectors, Quadriga Capital has a unique network in the German-speaking region and neighbouring countries.Current funds under management comprise more than €1.5bn.