EQT Sells Care Home Operator Charleston to KOS and Primonial REIM
STOCKHOLM, July 31, 2019 /PRNewswire/ --
- EQT Infrastructure sells Charleston, a leading care home operator in Germany to Italian healthcare group KOS
- EQT Infrastructure also sells Charleston's real estate portfolio to Primovie, a European healthcare and educational focused real estate fund managed by Primonial REIM
- During EQT Infrastructure's ownership, Charleston has pursued a buy-and-build strategy and today manages 47 homes; the real estate portfolio of Charleston includes 20 care homes
The EQT Infrastructure II fund ("EQT" or "EQT Infrastructure") has entered into a definitive agreement to sell Charleston Holding ("Charleston" or "the Company") to KOS and the real estate associated with the operations of Charleston to Primovie, a healthcare and educational focused real estate fund managed by Primonial REIM ("Primonial") respectively. KOS is a leading Italian healthcare group generating EUR 545 million revenues by offering integrated care services with more than 8,150 beds. Primonial is a major European real estate investment manager with EUR 17.2 billion assets under management.
Headquartered in Füssen, Germany, Charleston operates 47 care homes with 4,050 beds, four day care centers and seven ambulatory care locations. The Company generates more than EUR 160 million revenues and has around 3,400 employees.
EQT founded Charleston in 2014 with the vision to pursue a buy-and-build strategy in the German care home sector. Together with the management team and the advisory board, EQT has supported Charleston's growth to become a leading care home operator in Germany.
During EQT's ownership, Charleston has executed nine add-on acquisitions, opened several greenfield projects, grown revenues by 16 times, and built a strong growth platform with a high focus on quality care. As the add-on acquisitions have selectively included related real estate, a high quality and diversified portfolio of 20 care homes operated by Charleston has been composed.
Sebastian Kabak, CEO of Charleston, said: "Thanks to EQT, Charleston was able to invest significantly in becoming one of the largest private care home operators in Germany and managed the transformation from a start-up to a professional operator with high quality care services. We look forward taking the next step on this path together with our new owner KOS."