Orpea, Europe's second largest residential care group, has acquired Celenus Kliniken, Germany’s third largest provider of rehabilitation and psychiatric services. German brokers say that prices have soared with reha and care home opcos up from four times EBITDA in 2013 to a base line of six times with some bidders not flinching at 8-10 times. We speak to Bruno de la Rochebrochard, equity research analyst at investment bank Bryan Garnier, about the deal and the sector.