French-headquartered investment firm Ardian has acquired a majority stake in Horizon Home Care Group AG, the Swiss-based non-medical home care services company trading as Dovida and formerly in Ireland as Home Instead.
Dovida operates in six countries, including Ireland where the company offers private, live-in and palliative care as well as HSE home support among its services.
The firm has 25 locations in Ireland and is also active in Switzerland, France, the Netherlands, Australia and New Zealand.
The deal was given clearance by the Competition and Consumer Protection Commission (CCPC) on Monday after being agreed late last month. Law firm William Fry advised Ardian on the Irish aspects of the acquisition.
Ardian acquired the controlling stake from company founder and majority shareholder Paul Fritz, asset manager Unigestion and Swiss family office Verium.
Fritz will continue to lead the company as chief executive and, along with Verium, will "reinvest significantly" in Dovida as part of the transaction. Further details and financial terms of the transaction were not disclosed.
“Partnering with Ardian is an honour and a testament to our successful track record. The quality standards provided by Dovida are increasingly setting the benchmark in our industry," said Fritz when the deal was announced last month.
"With the expertise of Ardian in developing and internationalising companies, we are now opening up completely new opportunities to tap into new markets, improve people's quality of life in those markets and take the strain off their families and the local healthcare system.”
Ardian said that Dovida's reputation for high-quality care was reflected in its outstanding satisfaction ratings from both clients and employees, for which it credited the firn's excellent management and established internal processes.
Ardian manages or advises $180bn of assets on behalf of more than 1,850 clients and will support Dovida's plans to accelerate its expansion, both organically and through strategic acquisitions
In April, Dovida announced plans to hire up to 1,500 carers in Ireland to meet demand, adding to its existing workforce of 3,800 carers assisting almost 8,000 people.
Yannic Metzger, managing director of expansion for Ardian, said: “Dovida provides solutions tailored to the demands of an aging society. The company recognises both the growing need and the importance of enabling individuals who require assistance to remain in their familiar environments for as long as possible, while supporting their independence.
"Dovida’s excellent reputation is a key contributor to its ongoing success. We appreciate the trust which founder Paul Fritz has placed in Ardian as a future partner, and we look forward to working together with him and the global management team.”
The latest annual report for Horizon Home Care Group AG show cash flow of operating activities of €19.4m last year, up from €7.2m in 2023.
(Pic: Getty Images)
