"This transaction gives us the opportunity to commit our capital to a sector where we can leverage our significant industry expertise based on our current care investments in WDS, Vivalto Home and past investments in Deutsche Fachpflege," commented Luxempart's managing director John Penning in a statement.
The investment company joined Munich-based fund Armira in Pflegebutler, a leading operator and provider of integrated senior care in the Lower Saxony region. With 600 employees, Pflegebutler operates 17 assisted living facilities with integrated day care, two nursing homes and two groups of outpatient intensive care homes. The model combines the advantages of assisted living with the high quality of care usually only offered in nursing homes.
Earlier this year, when Peter Janssen, one of its founders, retired at the age of 72, the German holding company, which typically invests between €20 and €200 million in regional SMEs, took over the company from founding partner and managing director Heiko Friedrich and his wife Frances, as well as long-time co-partner Yvonne Ewert.
With the most recent bolt-on acquisition, Pflegebutler gained access to additional clusters in Rhineland-Palatinate and Hesse, doubling the sales of the initial investment within months. "By 2023," the company's website states, "there will be six additional residential parks, as well as additional extensions, 425 flats and a jump of 450 employees."
Deal amounts were not disclosed.