EQT to sell Charleston

In the same transaction, Charleston's related real estate assets will be sold to France-based real estate investment manager Primonial REIM, comprising the company's 20 care homes.

EQT hired Societe Generale to run the sale process for the company in April 2019, according to Unquote sister publication Mergermarket.

The company generates EBITDA of €15-25m, according to Mergermarket. It generates €160m in revenues.

Previous funding
EQT acquired a 97% stake in the company through its EQT Infrastructure II fund in 2014. The fund closed on its hard-cap of €1.92bn and targets equity investments of €50-250m for infrastructure companies.

The firm bought the company to initiate a buy-and-build strategy and made nine bolt-on acquisitions throughout the holding period. The company notably acquired Regenta Group in 2014, proSenium in 2015 and Bayernstift Group in 2017. That year, the company also acquired Christophorus Gruppe, a domestic rival with 700 employees.

Company
Headquartered in Füssen, Charleston operates 47 care homes with 4,050 beds, four day-care centres and seven ambulatory care locations. The company was founded in 2014 and has 3,400 employees.

People
EQT Partners – Ulrich Köllensperger (partner).
Kos – Guiseppe Vailati Venturi (CEO).
Primonial REIM – Grégory Frapet (chair of management board).
Charleston – Sebastian Kabak (CEO).

Advisers
EQT – Societe Generale (corporate finance); Pöllath+Partner (legal); Strategy& (operational due diligence); EY (financial due diligence); JLL (property due diligence).

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