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Sector

Healthcare and Public Services

Location

Germany

Entry date

December 2007

Exit date

September 2013

Fund

STAR II

Status

Realised


Overview

STAR, together with management, acquired 100% of the share capital of Alloheim Senioren-Residenzen AG (“Alloheim”) in March 2008. Alloheim is a provider of residential care for the elderly in Germany. At the time of the acquisition, Alloheim operated 13 facilities totalling c.1,500 beds and c.200 assisted living apartments across Germany.

STAR had identified residential care as an attractive opportunity in Germany due to the demographic and socio-economic trends driving long-term demand. The German care home market was characterised by significant fragmentation and the investment in Alloheim created a strong platform to create value through a buy-and-build strategy.

During the period of STAR’s ownership, through a combination of acquisition and new build activity, Alloheim grew to a group of 50 nursing homes providing a full range of services (i.e. stationary care, ambulatory care, assisted living and specialised nursing care) with more than 6,000 beds and 4,000 employees. The business was sold to the Carlyle Group in September 2013.

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