Nordic Capital buys Alloheim from Carlyle

Oscar Geen
05 December 2017

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Nordic Capital has acquired German care home operator Alloheim from the Carlyle Group for an undisclosed sum.

The enterprise value was approximately €1.1bn, representing 12.5x the company's €88m projected EBITDA, according to press reports.

The GP drew capital from Nordic Capital Fund VIII, a €3.5bn buyout fund that was 62% invested as of March 2017, according to unquote" data.

Alloheim is the second largest private care home operator in Germany, according to industry publication Pflegemarkt.com. It surpassed Pro Senior group after several add-on acquisitions in 2016 to reach the number two spot behind Korian Gruppe. The group employs 14,500 people and operates 20,000 beds.

Carlyle began its consolidation strategy in the German care home sector with the acquisition of Alloheim for an enterprise value of €180m and a €57.5m equity investment in August 2013. At the time, the group employed 4,000 people and operated 6,000 beds.

Previous funding
Star Capital Partners acquired Alloheim from its family owners in June 2008. The group employed 1,300 people at the time of the initial buyout and operated from 14 locations.

Carlyle acquired the business from Star Capital in August 2013. It had expanded to 69 locations under Star Capital's ownership and reported EBITDA growth of 35%.

Company
Alloheim is a private nursing home operator in Germany with more than 170 inpatient nursing care homes, 52 facilities for assisted living and 17 outpatient care services. The group provides a total of 20,000 beds, of which 18,000 are stationary care beds and 2,000 are apartments for assisted living. Among the stationary care services, the group offers a variety of specialised care services, including for advanced dementia, youth & psychiatric care, adiposity and artificial respiration. Alloheim currently employs around 14,500 employees and is headquartered in Düsseldorf.

People
Alloheim – Rainer Hohmann, Thomas Kupczik (managing directors).