Orpea acquired 50% of Brindley Healthcare, the fourth largest Irish nursing home operator, and simultaneously negotiated a call option enabling it to acquire the remaining 50% and reach full ownership by 2022. The transaction follows Orpea's acquisition of TLC Group earlier in January 2020 and confirms the group's strategic commitment to the Irish elderly care market, where it now becomes the second largest operator nationally. The two acquisitions — TLC and Brindley — are highly complementary geographically, with TLC concentrated in the Greater Dublin county and Brindley providing broader national coverage. Orpea's accelerated Irish development reflects its conviction in the structural growth opportunity presented by Ireland's significant nursing home capacity deficit, with the country targeting 10,000 additional places by 2031.

BRINDLEY HEALTHCARE, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Healthcare & Pharma sector (13.3x).

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