Korian Profile

Company: 
Korian
Author: 
Jane Lethbridge
Date published: 
2010

32 rue Guersant

75017 Paris

France
Tel : +33 1 55 37 52 00

Fax: +33 1 55 37 52 16

www.groupe-korian.com

 

Total number of employees: 14,000

 

EWC: NO – ELIGIBLE

 

Subsidiaries:

 

Italy

Germany

Segesta Group 

Phonix Group

 

 

 

1.1.1      Company activities and strategy

 

Founded in France in 1992, Medidep expanded between 1998 and 2002 by acquiring 142 homes in France and 3 homes in Belgium.  By 2004, 94 centres were in operation with 50,000 people using the services.

 

In 2003, with the retirement of the founder, Pierre Austruy, there was a change in ownership.  ORPEA, another leading French care company, became a major shareholder (29%) with Fidelity Investments owning 5% of shares.

 

In 2006, Medidep and Suren merged to form a new company, Korian. [i]

 

Korian sees that there is considerable scope for European expansion. The Italian market has high barriers to entry because of the authorisation processes necessary to enter the market, although residential prices are set relatively freely with unregulated price adjustments.  The market is still fragmented. [ii] In 2006, Korian bought Segesta, the second largest private care operator in Italy. [iii]

 

In August 2007, Korian signed an agreement to acquire a 92.5% stake in the Phönix group, Germany,  with the remaining interest held by the management team.  Phönix, with corporate headquarters in Bavaria, operates nearly 3,000 beds in medical retirement homes.[iv]

 

In 2010, Korian remains active in France, Italy and Germany and tailors its strategies to these individual countries. 

 

In 2010, shareholders included:

  • ·         Batipart : 23.8 %
  • ·         Prédica : 31.0 %
  • ·         ACM Vie : 10.4 %
  • ·         Malakoff-Médéric: 13.3 %
  • ·         MASCF: 10.4 %
  • ·         Public : 10.8 %

Predica was initially the insurance subsidiary of Crédit Agricole Group employees but has now become a leading French insurance company. [v]

 

Revenues

 

€m

2007

2008

2009

Revenues

608.7

781.3

850.6

EBITDA

79.7

93.5

94.3

 

Source: Korian (2008,2009)

 

Geographical distribution of revenues

 

 

France

Italy

Germany

2009

628.8

121.0

100.7

2008

601.4

90.8

89.1

 

Source: Korian 2009

 

Employees by country

 

 

France

Italy

Germany

Number of employees

10,181

2,210

2,930

% of total

71%

12%

17%

 

Source: Rapport Annuel Document de Reference, 2009: 45


[ii] Korian (2007) Annual financial statement 2 April 2007

[iii] Korian (2007) The Korian Group announced the acquisition of  Segesta, the second biggest private player in Italy, and the acceleration of its development Press release 2 April 2007             

[iv] Korian (2007)  Strong growth in Korian’s revenues (+18.5%) in Q3 2007 New developments on Segesta’s Italian platform Acquisition of Phönix completed in Germany Press release 5 November 2007