Orpea Now One of the Leaders in the Spanish Sector with 7,334 Beds
Another Successful €277M Schuldschein (German Law Loan) Issue
PUTEAUX, France–(BUSINESS WIRE)–The ORPEA group, one of the leading European providers of long and
medium-term care (nursing homes, post-acute and rehabilitation hospitals
and psychiatric hospitals), has today announced the acquisition of
Sanyres, a Spanish nursing home group, and a new Schuldschein issue
raising €277 million.
Sanyres: a quality network with 18
Founded in 2002, Sanyres, recognized for the quality of its care, has a
network of 3,300 beds in 18 facilities, that perfectly fulfils ORPEA’s
- 67% private beds, and thus paid for in full by the resident;
private single room rate of over 60%;
- large-scale facilities with over 150 beds;
- recently built facilities (average age of 10 years);
locations in Spain’s major urban centres – Madrid, Malaga, Cordoba,
ownership of nearly all its buildings. As a result, ORPEA has
strengthened its real estate portfolio.
Sanyres posted revenues of around €55 million in 2015.
Perfect fit with ORPEA Iberica
The Sanyres acquisition has made ORPEA Iberica one of the leading
Spanish long-term care operators with 7,334 beds in 43 facilities,
located in the major urban centres (55% of ORPEA Iberica’s facilities in
Madrid), and with a majority of private beds (72%).
Sanyres offers sound prospect of value creation through:
- process optimisation and organisational efficiencies;
- synergies between support functions;
enhancements to the offering and to the quality of accommodation at
Accretive impact on EPS from 2016
ORPEA has acquired Sanyres on 1 July 2016, and will consolidate it from
that date onwards.
The acquisition has been paid for entirely from the Group’s cash
It is set to boost the Group’s earnings per share from 2016.
ORPEA has further strengthened its pan-European profile, and it now has
a network of 74,272 beds in 733 facilities, 56% of which are located
Successful new financing: Schuldschein of
ORPEA issued another Schuldscheindarlahen (German law loan) in early
July. Given the very strong investor demand, the initial size was
increased from €100 million to €276.5 million for various maturities, on
the low range of the proposed spreads. The strength of ORPEA’s business
model, which combines a high-visibility operational business with a
high-calibre real estate portfolio, attracted institutional investors
from near and far, including from Europe, Asia and the Middle East.
This additional financing has bolstered the Group’s capacity for further
expansion, after Sanyres acquisition.
The Schuldschein issue was co-arranged by BNP Paribas and Société
Commenting on the acquisition, Yves Le Masne, ORPEA’s Chief Executive
Officer, said: “With Sanyres acquisition ORPEA doubles the size
of its network in Spain, becoming one of the Spanish leader. Alongside
we are also continuing to expand in the other nine countries where we
are present, through the creation of new facilities and selective
The steady increase in demand, the sector’s fragmentation and growing
need for professionalism are giving rise to a wide range of
opportunities. With our European network of 74,252 beds and the
experience of our teams, we have regularly demonstrated our ability to
choose the good ones.”
Next press release: H1 2016 revenues
20 July 2016 before the market opens
About ORPEA (www.orpea-corp.com)
Founded in 1989, ORPEA is a European leader in integrated Long-Term Care
and Post-Acute Care, with a network of 733 healthcare facilities, with
74,272 beds (9,041 of them under refurbishment or construction),
32,688 beds in France at (2,993 beds under refurbishment or
construction) at 352 facilities;
41,584 beds in the rest of Europe (Germany, Austria, Belgium, Spain,
Italy, Czech Republic, Poland and Switzerland) at 381 facilities
(6,048 beds under refurbishment or construction).
ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and member of SBF
120, STOXX Europe 600, MSCI Small Cap Europe and CAC Mid 60 indices.
Yves Le Masne
Investor Relations Officer
Tel: +33 (0)1 47 75 74 66
Relations and Media Relations:
Oresansky / Nicolas Merigeau
Tel: +33 (0)1 44 71 94 94