Chequers Capital exits Silver Care in trade sale

Orpea, a comprehensive care company that operates nursing homes, rehabilitation centres and psychiatric hospitals, sees its acquisition of Silver Care as a unique development opportunity in a country where more care facilities are needed. Orpea and Silver Care plan to grow the company through targeted acquisitions as well as real estate expansion.

According to unquote" data, Chequers acquired Silver Care in November 2010. In March 2013, the buyout house also acquired a majority stake in Munich-based nursing care services company Deutsche Fachpfleg in a secondary buyout from Delta Equity. Ares Capital backed the transaction with a unitranche loan of approximately €50m.

Company
Founded in 2006, Munich-based Silver Care has 61 facilities with 5,963 beds. Three care homes with 290 beds are under construction and will be completed later this year. Almost 80% of the rooms provide single-care accommodation, enabling the group to ensure the long-term survival of its patients and meet the increasing demand for this type of care.

The group has, until now, pursued an asset-light strategy and has been the exclusive long-term tenants of its care homes rather than the owner. It operates under the trade names Haus Edelberg, Hildegard von Bingen, Fürsorge im Alter, MediCare, VitaCare, Peter Janssen Gruppe, Zur Buche and Comunita. Following the deal, the current management team will remain in charge of operations. Silver Care forecasts a turnover of approximately €200m in 2014, up from €110m at the time of Chequers' acquisition.

People
Marc Hildebrand is CEO of Silver Care. Yves Le Masne is CEO of Orpea. Karsten Hartmann is a director at Chequers.

Advisers
Equity – Rothschild (Corporate finance); Clifford Chance (Legal).
Acquirer – Acxit Capital Management, Thomas Klack (Corporate finance); Bredin Prat (Legal).

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• Topics
• DACH
• Healthcare
• Exits
• Germany
• Chequers Capital
• Trade sale