Acquisition of Inoges AG, the German Leader in Outpatient Rehabilitation

Frankfurt, 22 November 2017. The ORPEA group, a leading European provider of long- and medium-term care (nursing homes, post-acute and rehabilitation hospitals, psychiatric hospitals, and homecare services),  announced the acquisition of Inoges AG by its German subsidiary for rehabilitation Celenus Kliniken. ACXIT Capital Partners, represented by Thomas Klack and his team, acted as exclusive financial advisor to ORPEA in this transaction. The parties agreed not to disclose any details of the transaction.

Celenus Kliniken, the ORPEA subsidiary managing rehabilitation facilities in Germany, has acquired a majority shareholding in Inoges. Founded in 2003 by its current manager, Inoges is the German leader in outpatient rehabilitation (equivalent to day hospitals). Inoges has 30 locations (including 2 inpatient rehabilitation facilities) in urban areas close to hospitals, primarily in North Rhine-Westphalia Hesse and Bavaria.

In approximately 15 years, Inoges has developed an innovative offering recognized for its quality through the Salvea brand, which has a solid reputation. Outpatient rehabilitation has expanded at a very strong pace in Germany (growth of 13% p.a. over the past 10 years), supported by both public authorities and private insurers, meeting increasingly strong demand from patients.
Inoges recorded a 2016 revenue of €50 million. The transaction is still subject to clearance from the competition authorities.

For Celenus Kliniken, this acquisition represents a unique strategic opportunity to build on its existing inpatient rehabilitation offering and to generate synergies between the two businesses, with new development opportunities in Germany.

Since its creation in 1989, ORPEA has expanded rapidly to become one of the main world leader in long-term care, with its network of 798 facilities, with 82,838 beds (12,371 of them under construction or redevelopment), including:

  • 33,122 beds in France (2,409 beds under construction or redevelopment) at 357 facilities;
  • 49,716 beds outside France (Austria, Belgium, Brazil, China, Czech Republic, Germany, Italy, Poland, Portugal, Spain and Switzerland) at 441 facilities (9,962 beds under construction or redevelopment).

ORPEA is listed on Euronext Paris (ISIN code: FR0000184798) and a constituent of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices. (


ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France and India. (



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