Tag: ProA Capital

Proa Capital Sells Hospital de Llevant to Caser

15 November 2018 – Expansión

Proa Capital is stepping on the sales accelerator in 2018. The private equity manager has completed its fourth divestment of the year: Hospital de Llevant. According to financial sources, the fund – which exerted control over the asset with 70% of the share capital – and the other minority shareholders have sold the medical centre to Caser. The insurance group is strengthening its network of own hospitals through this acquisition.

Market calculations indicate that the transaction valued the company at around €30 million, which represents around 10 times its forecast EBITDA for this year of c. €3 million. The centre’s revenues amount to around €20 million.

Proa became the owner of the centre located in Mallorca in 2013. At that time, Hospital de Llevant targeted the care market for the elderly, focusing particularly on residents from overseas. Since then, Proa – in partnership with the management team, some of whom are also shareholders – has promoted the hospital aspect of the centre. The fund announced that it had completed its mission a few months ago and that it, therefore, considered that it was time to exit.

Now, in an industrial investor, it has found the appropriate replacement owner. For Caser, the purchase fits with the group’s objectives, which a decade ago committed to building a network of own centres for its hospital division as part of its diversification strategy.

Hospital de Llevant will thereby be incorporated into a group that already comprises five other centres, located on the Canary Islands and in Extremadura, and which operate under the brand Hospitales Parque, according to information from Caser. The insurance company also has a section specialising in geriatrics, Caser Residencial, through which it operates 16 nursing homes for the elderly.

Accounting to the sources, the intention is for the current directors of the hospital in Mallorca to continue to lead the centre, which currently employs a workforce of 170 and offers 140 beds, split into equal parts between hospital care and care for the elderly. It also has three operating theatres and an intensive care unit.

Original story: Expansión (by M. Ponce de León)

Translation: Carmel Drake

No Progress Re Sale Of 49% Stake In Saba

13 October 2015 – Expansión

At the beginning of the year, KKR, Torreal and the fund ProA Capital, the minority shareholders that together own 49% of the share capital of Saba Infraestructuras, engaged Citi to manage the sale of their stakes.

Since then, the car park group controlled by Criteria (50.1%), La Caixa’s industrial holding company, has significantly increased in size, through the acquisition of new businesses, and so the company’s valuation could now amount to around €1,200 million. However, five months after the municipal elections, there has not been any progress in terms of the original operation for various reasons, including, the uncertainty caused by the arrival of the new mayoresses in the two cities that are critical for Saba.

The most significant case is Barcelona, where Saba was awarded the privatisation of 26 car parks in the city, managed through the mixed municipal company Bamsa under the former legislature, led by the government of Xavier Trias. Following the arrival of Ada Colau, the criticism regarding the paralysis of this and other municipal companies is growing. Saba’s revenues amounted to €190 million in 2013 with an EBITDA of €77 million.

Original story: Expansión

Translation: Carmel Drake