French entrepreneurial family acquires majority stake in DOREA Familie

By on November 6, 2018
  • The operator of care and retirement facilities DOREA becomes part of Groupe Maisons de Famille
  • Axel Hölzer to continue successful expansion strategy with established management team

The majority stake in DOREA Familie, a medium-sized operator of care and retirement homes, has been acquired by the French Groupe Maisons de Famille (MdF). MdF belongs to Creadev, the strategic and long term investment arm of the Mulliez family which runs worldwide leading operators in various service industries in 35 countries. MdF operates 84 care facilities in France, Italy and Spain with a total of 10,950 beds. After a total of 23 acquisitions in the past three years, DOREA currently operates 58 care facilities with 5,500 beds, provides outpatient care services to 900 senior citizens, employs a total of 4,100 staff and is expected to generate sales of around EUR 200 million in 2018. MdF will replace Quadriga Capital Private Equity Fund IV LP, advised by Quadriga Capital Eigenkapitalberatung GmbH in Frankfurt, as majority shareholder. Since DOREA was founded in 2015, Quadriga Capital intensively supported the dynamic growth of the company and implemented a value creation strategy focusing in particular on add-on acquisitions and investments in various operational excellence measures. Axel Hölzer, CEO of DOREA, will continue to lead the management team and remain a minority shareholder. The parties have agreed not to disclose the purchase price. The transaction is still subject to approval by the antitrust authorities.

DOREA’s management enjoys the unrestricted trust of MdF. „Through the partnership with MdF, DOREA will become part of a very long-term oriented family business. The development of DOREA will be continued on the basis of the values defined jointly with Quadriga Capital in 2015 – and particularly in the interest of the senior citizens and employees entrusted to us.“ says Hölzer. „Mulliez is an entrepreneurial family in its fifth generation that will promote the sustainable development and qualitative growth of DOREA. MdF‘s philosophy is to independently develop the management team, brand and strategy of its national subsidiaries. My colleagues and I would like to take this opportunity to thank Quadriga Capital for the trustful and partnership-based cooperation since the joint foundation of DOREA. This has been an impressive journey together“.

Dr. Alexander Friedrich, Partner at Quadriga Capital Eigenkapitalberatung GmbH: „DOREA and its management team have found in MdF the ideal partner to accompany the continued long-term and sustainable development of DOREA Familie. The two companies fit perfectly together in terms of common values, which has been impressively underpinned by the trustful discussions with MdF in recent weeks. We would like to thank the entire top management team and all DOREA employees for their excellent cooperation over the past years and wish them and MdF all the best for the future“.

Philippe Tapié, MdF ‘s CEO: “MdF is pleased to have DOREA Familie joining our Group. We share the same ambitions with DOREA’s management and team, not only to provide quality services to our elderly people, but also to develop the company and become an example in our sector of activity. I would like to thank Axel Hölzer, DOREA’s CEO and Quadriga Capital for trusting us to be the best partner to advance DOREA Familie.“

DOREA will consistently continue on its growth path and will continue to acquire medium-sized family businesses with good real estate assets at attractive locations as well as outpatient care services at these and other locations. DOREA was founded in 2015 and pursues the acquisition strategy of offering medium-sized family businesses flexible solutions even for complex ownership structures or succession solutions. In addition to the care business, the property can also be acquired together with a real estate partner in one transaction in order to offer maximum flexibility.

Alantra acted as exclusive financial advisor, Hogan Lovells as legal advisors, EY as financial and tax advisors and immoTISS as commercial advisors to DOREA and its shareholders in connection with this transaction. Melcofin acted as exclusive financial advisors, Fieldfisher as legal advisors, KPMG as Financial, tax and commercial advisors to Groupe Maisons de Famille.

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