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Interview, Philippe Salah, CEO Dental Monitoring

Philippe Salah tells HBI he likes to keep a low profile. His success with remote dental care group DentalMonitoring, which reached elusive $1bn unicorn status at the end of last year, is making that increasingly difficult. HBI chats to him to find out more about his business model, and his vision of the dental clinic of the future.
June 9, 2022

French police raid Orpea HQ and 30 complaints filed against Korian 

Police investigators raided French elderly care group Orpea’s headquarters in Paris and several of its regional offices on Wednesday, June 8, reportedly to ‘carry out checks’ as part of the on-going public investigation into alleged malpractice at the company. Both Orpea and rival Korian’s share prices dropped thereafter.
June 9, 2022

Orpea employees strike over decision to not pay bonus

Employees at nursing homes across France operated by beleaguered elderly care group Orpea participated in a strike on Tuesday, to protest the company’s decision to not pay incentive bonuses this year.
May 26, 2022

Orpea share price plummet could make it a bigger takeover target

French elderly care group Orpea saw its shares fall to a new low on Wednesday after new accusations regarding its financial structure, alleging irregularities, were made against the company. The current share price of around €24 makes the company ever more likely to be subject to a takeover bid. Orpea says those "likely to be involved in these frauds" were "immediately" removed - and points out the allegations do not relate to patient care.
May 20, 2022

KKR going ahead with Ramsay bid

Private equity firm KKR has reconfirmed its AU$88 per share offer for multinational hospital group Ramsay Health Care after completing due diligence on the company last week, HBI understands. It will now begin due diligence on Ramsay’s 52.79% stake in its subsidiary Ramsay Générale de Santé, which could take another few weeks. The deal still has to be approved by the French Competition Authority (FCA), which could take issue over the fact that KKR owns a 43% stake in Elsan, Ramsay Santé's largest competitor in France.
May 20, 2022

Inflation hikes up care home costs

How will the care home sector cope with the wave of inflation now hitting it as staff, energy costs and rents soar? We talk to operators and advisers across Europe.
May 20, 2022

European nursing homes – a five market comparison

This week we take a closer look at how the elderly residential nursing home market stacks up, specifically in five major European markets - France, Spain, Germany, Italy and UK. Here we compare the total, and for profit and public/not-for-profit market revenues, and look at where the international operators have the largest revenues. These figures are a snapshot of the position based on revenues in 2020 taken from our nursing homes reports in HBI Intelligence and the operator database.
May 13, 2022

Orpea appoints elderly care novice as CEO, share price dips

French nursing home giant Orpea has appointed a new CEO, as part of its attempt at reformation. This comes a week after initial findings from an external investigation into purported malpractice at the company identified multiple cases of administrative misdemeanours.
May 4, 2022

Orpea audit’s initial findings suggest administrative mischief, but no abuse of residents

Initial provisional findings from the external investigation into French nursing home giant Orpea which it launched in response to accusations of malpractice at the company made by journalist Victor Castanet in “Les Fossoyeurs” (“The Gravediggers”) have confirmed some of the book’s allegations, including alleged incident(s) of questionable financial relationships with certain suppliers, "erroneous" use-of-funds statements, "noncompliance" with employment contracts and "use of intermediaries”. The company has decided to delay publication of its 2021 annual report till May 13.
April 28, 2022
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