Garrigues guides Korian´s acquisition of ITA Mental Health from Magnum
Garrigues has advised Paris-based Korian on its acquisition of ITA Mental Health in Spain from Magnum Capital
Korian, a leading European care services group for elderly and fragile people, has signed an agreement to acquire ITA Mental Health, the third-largest player in mental health in Spain from Magnum Capital. Pending usual regulatory authorisations, the acquisition is expected to close in a few months.
Following the acquisition of Inicea, a major player in France, in December 2020, Korian pursues its development in mental health by becoming the third-largest player in both France and Spain, with a clear focus on innovative, specialised care solutions in an inpatient and outpatient environment.
The Group has signed an agreement to acquire Ita Mental Health, a group specialised in mental health with 39 facilities across Spain. Ita Mental Health is the third-largest player in Spain by number of beds or second-largest by revenue, with a strong presence, particularly in Catalonia, Madrid and Valencia. The network includes 27 inpatient clinics and 12 day hospitals (including 2 antennas) with reputed specialisations in behavioural, personality and eating disorders, addictions and neurodevelopment and general psychiatry.
From 2022, Korian expects to have revenue of around €250 million from mental health care within the Group and will continue to invest in innovative care in this area to provide solutions to the growing needs, particularly in a post-Covid environment. The revenues from Spain are expected to grow to around €130 million in the next two years confirming the pertinence of Korian’s acquisition approach in the country. The Group will now be present across the country enabling it to develop its different service offerings to provide adapted care for different conditions.
Garrigues advised Korian with a Barcelona office Commecial team formed by partners Sergio Sánchez Solé (pictured left) and Laura Muñoz (pictured right), together with associates Germán Puente and Elisabet Terradellas.