Garrigues represented Korian in the transaction.
Korian (Paris:KORI), the 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.
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.
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.
Garrigues advised Korian with a Barcelona office Commecial team formed by partners Sergio Sánchez Solé (Picture) and Laura Muñoz, together with associates Germán Puente and Elisabet Terradellas.
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