Magnum buys Geriatros

The buyout sees previous investor NCG Banco (formerly Caixanova) make a full exit from the company.

The investment was made through Magnum's maiden vehicle – which closed on €866m in 2008 – and is the seventh deal completed by the Iberian private equity house. Magnum sourced the deal internally through their own network.

Magnum intends to grow the firm through acquisitions and the development of specialised care services.

Previous funding
In 2002, NCG Banco (then Caixanova) and Banco Gallego backed Geriatros in exchange for a 20% and 10% stake respectively. In 2008, NCG acquired the stake held by Banco Gallego.

Company
Founded in 1994 and based in Pontevedra, Geriatros manages retirement homes and day centres in Spain. The company has 4,000 places in 27 nursing homes, 20 daycare centres and 6 homecare services.

Geriatros currently employs 2,800 members of staff and forecasts a turnover of €70m for 2012.

People
Enrique de Leyva is a founding partner of Magnum and worked on the deal.

Advisers
Equity - Garrigues (Legal, tax); PricewaterhouseCoopers (Commercial & financial due diligence).

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• Magnum Capital Industrial Partners