Star Capital sells Alloheim to Carlyle for €180m

Debt financing for the transaction was provided by five banks, with UniCredit and BNP in the lead. The investment was made via Carlyle Europe Partners III, a €5.3bn fund.

Star Capital wholly acquired Alloheim in 2008 in a management buyout. Unquote" data valued the original deal at €50-100m.

Star Capital saw the investment in the care provider as a good opportunity to execute a buy-and-build strategy. Another attraction was the strong German insurance-based reimbursement system and a long-term demand for residential care.

The Carlyle Group bought Switzerland-based Ameos, also a healthcare provider, in 2011.

The acquisition of Alloheim is Carlyle's fifth buyout this year. In July, the private equity house bought packaging company Chesapeake from Irving Place Capital and Oaktree Capital Management in a deal that was valued at €400-500m. In June, Carlyle bought Italian industrial generators and motors company Marelli Motori from Melrose Industries for €212m.

Company
Alloheim was founded in 1973 by Alois Mollik, who built the first elderly care home in Bad Marienberg. The firm's headquarters are now based in Düsseldorf. It owns 49 care homes with more than 6,000 beds, 18 homes for assisted living and five ambulance services. the company employs 4,000 staff.

Alloheim's EBITDA has grown by approximately 35% per annum since 2008.

People
Rainer Hohmann and Thomas Kupczik are Alloheim co-CEOs. Roy Mani is a partner at Star Capital. Toni Mallin is CEO at Star Capital.

Advisers
Equity - BNP Paribas, Berenberg Bank (M&A); Milbank, Tweed, Hadley & McCloy, Latham and Watkins (Legal).
Vendor - Rothschild (M&A); Arqis (Legal); PwC (Financial & commercial due diligence); E&Y (Tax).

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• Topics
• DACH
• Healthcare
• Exits
• Buyouts
• Germany
• Carlyle Group
• STAR Capital Partners