Korian, the European leader in care and support services for elderly and dependent people, has entered into exclusive negotiations with Antin Infrastructure Partners for the acquisition of Inicea, the third largest private psychiatry player in France, for a total consideration of c. 360 M€ of which c. 140 M€ in real estate. The transaction remains subject to workers’ council and anti-trust authorities and closing is expected during Q4 2020.


Inicea, with the support of Antin Infrastructure Partners since 2016 and under the leadership of Pierre Forest and his team, has become the third largest operator in French psychiatry with a network of 19 facilities, of which 7 are independent day hospitals, and with a total of 1,220 beds, or 10% of the sector’s capacity. Inicea expects revenues to exceed 100 M€ in 2020, representing a 6% increase compared to 2019.


Combining the 11 psychiatry and addictology clinics that it already held with Inicea’s 19 facilities, Korian will create a new dedicated mental health business unit, accounting for over 150 M€ in revenues in 2020. In total, the new business unit is aiming for 200 M€ in revenue by 2025, equivalent to an average annual growth rate of at least 6%. Through the acquisition of Inicea, Korian becomes the third largest player in the mental health sector in France, representing 17% of the private psychiatric care capacity.


CASE Corporate Finance acted as exclusive financial advisor to Antin Infrastructure Partners. CASE Corporate Finance had already acted as exclusive financial advisor to Antin Infrastructure in 2016 for the acquisition of Inicea from LFPI Gestion. The transaction represents CASE Corporate Finance’s third transaction with Antin Infrastructure Partners since 2016 and the third transaction in the Healthcare sector since 2019.


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