Procon Group AG (Germany) - Oct 2007

unquote
01 October 2007

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Funds advised by AUCTUS Management have acquired a majority stake in German healthcare business PROCON Group from Heberger Bau AG and members of the Heberger family for an undisclosed amount. PROCON’s managing directors, Stefan Weinz and Manfred Miesel, also invested and hold the balance. The financial investor sourced the deal directly and negotiated the transaction off-market, having researched the German healthcare sector systematically. PROCON is an attractive target due to the high profitability of the business in the fast-growing German healthcare market for nursery homes. AUCTUS is looking to support the company’s current growth by pursuing a buy-and-build strategy and actively search for smaller acquisition targets in the German-speaking region. Additionally, it will back PROCON’s continuous development of new nursing homes.

Debt

A German bank provided a senior-only debt package.

Company

PROCON Holding is an independent provider and operator of nursing homes in Germany. Founded in 1980, the company currently operates seven homes with a capacity of approximately 1200 beds. The company is fully integrated with four divisions covering the conception, planning, development and operation of nursing homes as well as the catering and cleaning services involved. In the next 18 months, PROCON will increase its capacity to more than 2,000 beds, through development projects already underway. For 2008, the Wiesbaden-based company forecasts a turnover of about €40m. It employs 600 staff.

People

Partner Dr Daniel Meuthen and investment manager Matthias Prauser led the transaction for AUCTUS Management GmbH and Daniel Meuthen will also join the board of PROCON Holding.

Sourced from: Deutsche unquote" 93 (Nov 2007)