Advising AUCTUS on sale of Celenus Group
Heuking Kühn Lüer Wojtek advised the funds advised by AUCTUS Capital Partners AG and their co-shareholders on the sale of Celenus group to publicly listed French Orpea group. After closing of the takeover, Orpea will operate over 615 healthcare facilities with more than 60,000 beds across Europe. Its revenue forecast for 2015 was raised to EUR 2.36 billion. The takeover is subject to the consent of antitrust authorities and is to be closed by July 2015.
Munich-based private equity partners Boris Dürr and Daniela Rinke acted as Heuking Kühn Lüer Wojtek's lead advisors on the transaction. Boris Dürr had already advised AUCTUS in 2010 on the acquisition of the former rehab division of Marseille-Kliniken group, the core of today's Celenus group, and on acquisitions of various other rehab clinics. Most recently, the team led by Boris Dürr had also advised Munich-based PE investor Auctus on the sale of Procon nursing home group. "The Celenus and the Procon transactions demonstrate the potential that the German healthcare market offers specifically to financial investors; in particular, due to the market structure with many small players, there are still attractive options to establish and expand operator groups,“ Dürr said.
Heuking Kühn Lüer Wojtek's team comprehensively advised AUCTUS on the sales process, from structuring the transaction to providing support on due diligence up to drafting and negotiating the contract documentation.
Offenburg-based Celenus group operates 15 rehab clinics in Germany with more than 2,600 beds and one day care center. It generated revenue in excess of EUR 100 million in 2014, making it the third biggest private operator of rehab facilities in Germany. Celenus offers post-acute care, specializing particularly in orthopedics, oncology, cardiology, and neurology, as well as the treatment of psychiatric illnesses, such as depressions and eating disorders.
Counsel to AUCTUS
Heuking Kühn Lüer Wojtek:
Boris Dürr (Lead, Private Equity/M&A),
Daniela Rinke (Private Equity/M&A), both Munich
Marc Scheunemann (Tax),
Dr. Peter Vocke (Real Estate Law), both Düsseldorf
Guido Hoffmann (Financing), Frankfurt
Dr. Reinhard Siegert (Antitrust Law), Munich
Christoph Nöhles (Real Estate Law), Düsseldorf
Ricarda Marschall (Corporate/M&A), Munich