Korian Group, Europe’s largest retirement home operator, to acquire ITA Mental Health, the third-largest player in mental health in Spain from Magnum Capital.
Financial terms have not been disclosed.
Following its acquisition of Inicea in October last year, Korian is now the third-largest mental healthcare group in both France and Spain.
“This acquisition follows our strategy to enlarge our offering from elderly care to continuous care for different conditions on a European wide basis,” said Sophie Boissard, CEO of Korian.
The ITA Mental Health network includes 27 inpatient clinics and 12 day hospitals with reputed specialisations in behavioural, personality and eating disorders, addictions and neurodevelopment and general psychiatry.
In a statement, Korian said that it expected the platform to generate €50m (US$59.2m) revenues this year. Revenue is expected to grow at around 15% a year until 2024 and that the EBITDA margin would be accretive from this year off the back of opening five new sites a year.