Arma Partners is pleased to announce that it has acted as exclusive financial advisor to Corilus, a portfolio company of AAC Capital, on its sale to Gilde Buy Out Partners.
Corilus enables a smart and efficient healthcare system by connecting care providers, patients and stakeholders. Its cloud-based connected care solutions are used by over 40,000 care providers including general practitioners, dentists, physiotherapists, pharmacies, nurses, elderly care homes and hospitals. Corilus delivers mission-critical software solutions that are deeply embedded in the daily jobs of care workers, covering both administrative and clinical processes. The network effect fostered in its ecosystem of connected care workers and patients makes Corilus truly unique.
Corilus was carved out from Fagron by AAC in 2015 and has since successfully completed five acquisitions to broaden its footprint across the primary care ecosystem. The combination of long-term organic growth potential and the opportunity to continue acquiring complementary companies represents a blueprint for success that can be replicated in other European countries under Gilde’s ownership.
This transaction highlights Arma Partners’ deep sector expertise in Digital Health and our ability to consistently deliver successful outcomes for our clients even against a backdrop of an unprecedented global pandemic.
- Corilus is the leading medical software provider in Belgium and develops cloud-based clinical and administrative software solutions used by more than 40,000 care workers across primary care, pharmacies and elderly homes
- Founded in 1998 and headquartered in Ghent, Corilus employs c.400 people across Belgium, Tunisia, and France
- Over the years, the company has demonstrated innovative R&D capabilities through the launch of connectivity solutions and applications addressing all care settings and enabling the seamless exchange and integration of data between care givers, patients and other healthcare stakeholders
- Gilde Buy Out Partners is a leading European private equity investor in mid-market transactions with operations in the DACH region and the Benelux
- It manages funds in excess of €3 billion and has offices in Utrecht, Brussels, Frankfurt and Zurich
- Since its inception in 1982, Gilde has supported more than 250 companies to realise their growth ambitions
- Corilus pioneered a differentiated cloud-based connected care platform for primary care that is built on microservices architecture
- The combination of long-term organic growth potential and the opportunity to continue acquiring complementary companies presents a compelling value creation thesis for Gilde
- Corilus’s leading market position with high barriers to entry and the mission-critical nature of the software also provide significant downside protection
- Gilde brings a complementary skillset with a strong track record in buy-and-build strategies and expertise in driving value through international expansion
- Arma carefully short-listed and pre-qualified the most credible potential buyers in a three phase process, ensuring that confidentiality was maintained and attention was focused on key buyers
- With the onset of the Covid-19 pandemic, Arma quickly refreshed positioning of the company as a resilient business and worked with management on scenario planning and providing transparent updates to bidders on Corilus’s sales performance throughout the due diligence phase
- Arma ran a lender education process and ensured availability of financing despite disruption in the debt capital markets due to Covid-19
- Strong competitive momentum was maintained throughout the process, which resulted in a very successful outcome for the shareholders
- This transaction highlights Arma Partners’s deep sector expertise in Digital Health and ability to consistently deliver successful outcomes for our clients even against a backdrop of an unprecedented global pandemic