Korea Accelerates Its Diversification into Specialised Care Services and Enters the Dutch Market
April 15, 2019, 11:45 AM Eastern Daylight Time
PARIS–(BUSINESS WIRE)–Regulatory News:
Korean Group (Paris: KORI), the European leader in care and support services for the elderly, announces the acquisition of Stepping Stones, a high-quality and innovative Dutch private operator specializing in Alzheimer’s disease and cognitive disorders.
A renowned player with strong growth perspectives in the Netherlands
Since its inception in 2006 by Christiaan Sap, Founder and CEO, Stepping Stones has developed a unique concept based on small-sized residential care villas adapted to patients with Alzheimer’s or cognitive disorders. Each resident has an apartment, and common areas (living room, dining room, open kitchen, and garden) are accessible to everyone.
Personalized care, well-suited to Korian’s Positive Care approach, is based on the specific needs and wishes of people who are mostly highly dependent. Thanks to expertise in palliative care, residents are supported until the end of their lives. Staff is specifically trained to provide complex care, as required by the Dutch regional care offices (Zorgkantoren).
The company currently operates a portfolio of 12 high-quality care villas (3 of which are in a ramp-up phase), representing 260 apartments in the center and east of the Netherlands. Revenue in 2018 amounted to €13m. The company intends to double its portfolio in the next 4 years based on the existing pipeline.
The Dutch care market is expected to grow strongly.
The Dutch highly fragmented care market is expected to grow strongly in line with the increase in the elderly population: the number of people over 65 is expected to grow by 50%, from 3.2 million in 2017 to 4.8 million by 2040, while the number of people over 80 will double to 1.6 million in the same period.
Market experts say more than 30,000 beds will be needed in the next 10 years to cope with demographic pressure. Therefore, the regulatory environment fosters the development of a premium quality private offering.
Christiaan Sap, Founder and CEO of Stepping Stones, commented:
“I am delighted to join the Korean Group with whom I share common values and expertise. Such support will contribute to accelerating the development of the Stepping Stones concept nationwide. Providing personalized and continuous care to people who have Alzheimer’s disease through a dedicated offer in a friendly environment is a major challenge for me.”
Sophie Boissard, CEO of Korean Group, added:
“We are happy to welcome with Stepping Stones an experienced and recognized team. The strong care concept, tested and rolled out for years, is a key competitive edge in a growing and innovative Dutch market. Korea is strongly committed to supporting the growth plan of Stepping Stones throughout the Netherlands while cross-fertilizing this genuine concept all over the European network. After Ages&Vie in France, Korea reinforces its foothold in the small-sized senior living communities business segment and thus enlarges its care service offer to better adapt to client needs.”
The Korean Group will acquire 100% of Stepping Stones’s share capital. This deal is still subject to authorization by the Dutch health authorities (NZa), which is expected soon.
Next event: April 18, 2019, after the close of trading
Q1 2019 revenue
ABOUT KOREAN
Korean, an expert in the care and support services for older people, manages Europe’s leading network of long-term care nursing homes, specialized clinics, assisted living facilities, and homecare and hospital-at-home services.
For more information, please visit the website: www.korian.com
Korean has been listed on Euronext Paris (Compartment A) since November 2006 and is included in the following indices: SBF 120, CAC Health Care, CAC Mid 60, CAC Mid & Small and MSCI Global Small Cap
Euronext Ticker: KORI – ISIN: FR0010386334 – Reuters: KORI.PA – Bloomberg: KORI.FP
Contacts
INVESTOR RELATIONS
Carole Alexandre
Deputy Head of Investor Relations
carole.alexandre@korian.com
Tel: +33 (0)7 64 65 22 44
PRESS
Marjorie Castoriadis
Head of Media Relations
marjorie.castoriadis@korian.fr
Tel: +33 (0)7 63 59 88 81
