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04/2019100%

Armonea acquired by Colisée

BELGIUM Health Providers / Healthcare Facilities / Nursing Homes EV €500M–1.5bn

Context

Colisée Group entered into a definitive agreement to acquire 100% of Armonea to create the fourth-largest elderly care operator in Europe. This transformative acquisition doubled Colisée’s size, resulting in a combined entity with a turnover of approximately €1 billion and a network of 270 facilities across five countries. The merger was strategically designed to capitalize on geographic complementarities, merging Colisée’s strong Mediterranean presence with Armonea’s market leadership in Northern Europe. The transaction allowed the founder’s holding company, Jade, to maintain its role as a key minority shareholder with a 19% stake in the newly enlarged group.

Armonea, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

-> Deep-dive in Healthcare & Pharma market trends

Target

Armonea stands as the leading independent provider of elderly care in Belgium, specializing in the management of nursing homes, service flats, and residential care centers. At the time of the transaction, the group maintained a robust European footprint with operations extending into Spain and Germany, supported by a workforce of approximately 6,500 employees. The organization was recognized for its high standards of clinical care and residential hospitality, serving over 17,500 residents across its specialized network.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
[members only]
€25–50M
[members only]
2017
[members only]
€25–50M
[members only]

Other operations with Colisée

Other operations with Colisée
DateAcquirerTargetCountrySector
09/2020EQT PARTNERSCOLISÉEFRANCENursing Homes
04/2017EQT PARTNERSCOLISÉEFRANCENursing Homes
09/2014EURAZEOCOLISÉEFRANCENursing Homes

Similar deals in Health Providers

Similar deals in Health Providers
DateAcquirerTargetCountrySector
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07/2019TRITON PARTNERSALERISSWEDENClinics / Hospitals
03/2019DOMUSVIRESIDALYAFRANCENursing Homes
01/2019HUMANACORONARIA HOIVAFINLANDNursing Homes
11/2018DENTALPROCLINIODENTSWITZERLANDDental Centers
04/2018INVESTINDUSTRIALLIFEBRAINITALYLabs (Biology)
03/2018THE ADOLFSEN GROUPFRÖSUNDASWEDENHealthcare Facilities
03/2018ICV PARTNERSOUTPATIENT IMAGING AFFILIATESUNITED STATESRadiology
01/2018PERMIRAI-MED RADIOLOGY NETWORKAUSTRALIARadiology
06/2017ICG / MANAGEMENT & PRIVATE INVESTORSDOMUSVIFRANCENursing Homes

REFERENCES

Valuation range: EV €500M–1.5bn

EBITDA range: €25–50M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Armonea by Colisée are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Colisée’s acquisition of 100% of Armonea, a Belgian company specialised in Healthcare Facilities, in 2019.

How was the acquisition of Armonea by Colisée valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Armonea’s EBITDA at the time of the deal?

At the time of the transaction, Armonea’s EBITDA was estimated within the €25–50M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Armonea compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 10x - 18x in 2019, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

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