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MAGNUM CAPITAL ACQUIRES GERIATROS TO NCG BANCO TO STRENGHTEN GROWTH.
NCG Banco and Magnum Capital, the private equity firm in the Iberian market with around €900 million capital, have agreed to purchase Geriatros, a social health services company in which the Galicia-based bank was a shareholder to date. The financial institution obtains capital gains planned on its recapitalization plan.
The 100% acquisition of Geriatros by Magnum Capital is the seventh investment deal of the private equity firm since its inception. The group is present in the areas of health, pharmaceutical, energy, industry and infrastructure. Magnum Capital's entry will not mean changes in Geriatros’ current management team, led by Josefina Fernández, who, in fact, will become a shareholder of the company, thereby strengthening her personal commitment to the project.
NCG Banco became a shareholder of Geriatros in 2002 with the 20% acquisition of the company, stake increased to the current 100%.
The entry of Magnum means a new phase in Geriatros’ path, a company that since its inception has developed a solid growth plan and to be considered as one of the main sector’s operator. With a total of 4,000 residential places, Geriatros currently manages 27 nursing homes, 20 day centers and 6 home care municipal services located in Galicia, Madrid, Andalusia and the Canaries. In 2011 started four new centers, the same figure that is expected in 2012.
The final closing of the operation will occur once it is approved by Competition.