Gilde buys Corilus from AAC Capital

Harriet Matthews
12 May 2020

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Gilde Buy Out Partners has acquired Belgium-based healthcare software company Corilus from AAC Capital.

AAC bought Corilus in March 2015 in a carve-out from Fragon in a deal valued at €77m, equivalent to 15x adjusted EBITDA. Corilus's management obtained a minority stake in the company. The GP invested via AAC Benelux Fund III, which held a final close in October 2013 on €250m. The vehicle made five platform investments between 2014 and 2016 and Corilus will be the first to be realised, according to Unquote Data.

Corilus completed five add-on acquisitions during the investment period, according to a statement.

Unquote sister publication Mergermarket reported in November 2019 that AAC had mandated Arma to lead the sale process. The GP was basing the sale on the company's €9m EBITDA at the time, according to the report.

Unquote sister publication Debtwire reported in April 2020 that the sale process was continuing in spite of the coronavirus outbreak, although debt pricing had been heightened and AAC was now seeking a lower multiple than its original high-teens ask, albeit still in the double digits.

A source familiar with the situation told Unquote that the final purchase price was higher than the value of the bids tabled in the first round, which took place before the onset of the coronavirus pandemic.

Debt
Debtwire reported that EQT Credit will finance the buyout. The report added that Mezzanine Partners Management provided debt to support AAC's acquisition of Corilus in 2015 and that this debt was refinanced in 2018 with a €64m package. According to Debtwire, Corilus reports EBITDA of €15m.

Company
Corilus was founded in 1998 and is based in Ghent, with an additional office in France. Its client base comprises 40,000 care providers, including GPs, pharmacists, nurses, opticians and care home managers, across 12 countries. Its software includes patient record remote access platform CareConnect and messaging and electronic prescriptions service Hector.

The company has 400 employees and reports turnover of €50m. Corilus reported 2014 turnover of €44m and had 350 employees when it was acquired by AAC.

People
Corilus – Dirk van Lerberghe (CEO).
Gilde Buy Out Partners – Nicolas Linkens (managing director).
AAC Capital – Marc Staal (partner); Sander de Lange (investment director).

Advisers
Vendor – Arma Partners (corporate finance); Allen & Overy (legal).
Equity – Freshfields Bruckhaus Deringer (legal).