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Garofalo continues M&A as Covid hits 2020 organic growth

Listed Italian hospital, post-acute and outpatient group Garofalo Healthcare (GHC) has continued its M&A drive with the acquisition of a hospital in Verona for 8.5x 2019 EBITDA. Deal-making drove 7.3% revenue growth in 2020 to €196.5m, although on a like-for-like basis, revenues fell 5.2%. That is still much better than many large Italian hospital groups.
March 25, 2021

NMC Health’s Aspen disposal could end with propco takeover

In-administration GCC group NMC Health's attempt to offload UK hospital chain Aspen Healthcare looks to have stalled. An advisor says the opco could be taken over by propco owner NorthWest Healthcare Properties, echoing what happened to the largest operator BMI Healthcare just two years ago.
March 18, 2021

Swiss Life buys German care home portfolio

Luxembourg-based private equity firm Threestones Capital has sold its portfolio of 27 German care home properties to real estate manager Swiss Life Asset Managers for €425m.
March 18, 2021

New off-payroll worker legislation could cost UK operators

Healthcare operators could fall foul of UK legislation designed to target tax avoidance which is due to come into force next month. For the first time, IR35 will force for-profit groups to assess the legal status of contractors receiving payments via an intermediary - and a failure to do so could prove costly.  HBI speaks to a specialist tax barrister to find out more.
March 18, 2021

GHP continues organic growth in 2020 despite pandemic

GHP, a listed provider of specialist clinics in Scandinavia and hospitals in the Middle East, increased revenue and EBITDA in 2020 despite the difficulties caused by the pandemic. HBI talks to CEO Daniel Ohman to find out how.
March 18, 2021

For-profit homecare may struggle to compete after French reform

Legislation in France is set to hike minimum homecare carer wages by 20% in the not-for-profit sector, with financial support from the government to do this. HBI hears low margin for-profit operators fear they will struggle to match this and retain staff.
March 18, 2021

UK assisted living sector expansion fuelled by sales – not rental

The for-profit assisted living sector is expanding rapidly in the UK, but unlike on the continent, the majority of this expansion will be through property sales rather than rentals. HBI speaks to Michael Voges, from the Associated Retirement Community Operators (ARCO), to find out more about why this approach differs from mainland Europe.
March 11, 2021
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