Casa Reha in secondary buyout

Advent International has acquired a majority interest in Casa Reha Betriebs und Beteiligungsgesellschaft, a German private nursing home group from JP Morgan Partners, Covenant Care International, German Equity Partners and also the management, which is rolling over its stake. The value of the transaction was not disclosed.

Casa Reha was founded in 1995 by US private-equity backed nursing home chain, Covenant Care International Inc, which entered the German market in 1996. In 1998, Chase European Equity Associates (now known as JP Morgan Partners) and German Equity Partners (advised by ECM Equity Capital Management GmbH) participated in a funding round. Financial details were not disclosed.

Headquartered in Bad Homburg, Casa Reha is now Germany’s fifth largest private nursing home operator with a nationwide portfolio of 24 nursing care facilities providing over 3,450 beds. A further five nursing homes with approximately 700 beds are also under construction.

This investment follows several other acquisitions by Advent International in the healthcare sector and will be financed through Advent’s new E2.5bn buyout fund, GPE V.