Emera

Having previously been a shareholder in the mid-2000s, Crédit Mutuel Equity, a subsidiary of Crédit Mutuel Alliance Fédérale, has now invested €20 million to support the national and European growth of Emera, France's seventh-largest nursing-home operator. The group was founded in 1988 in Mougins by its chairman Claude Cheton and now has 57 homes representing around 5,396 beds. With annual revenue of €200 million and more than 3,000 employees, the company's strategy is based rapid growth, with a focus on international markets and an active policy of acquiring, extending and converting facilities.

With its high-end position, Emera has become a leading operator in its market, offering high-quality services in four areas that ensure the well-being of its residents, i.e. catering, residential services, care and social activities. The group is fully integrated, handling the architectural design of its facilities, their construction and their operation. By controlling the entire value chain in this way, Claude Cheton and his teams have developed expertise in caring for its residents in all aspects of their day-to-day lives. The group is fully focused on its residents: for example, meals are cooked on-site by professional chefs, and it offers high-quality activities, equipment and facilities in communal areas.

The group's nursing homes are operated under the following brands:

• Emera: the group's original brand has 32 facilities (30 in France, 1 in Spain and 1 in Switzerland) offering hotel-standard services.
• Maisonnées de France: this brand was created in 2003 and features eight facilities offering specialist care.
• Novadia: in 2014, the group acquired 60% of Belgian company HomeActivity, which operates four facilities in Brussels containing 541 beds, and created the Novadia brand.
• The group has operated 1 facility in Luxembourg since 2015 under the Jardins d'Alysea brand.Eventually, all nursing homes are likely to be operated under the Emera brand.

In addition, to meet the changing needs of self-sufficient older people, Emera also operates 12 serviced residences under the Emerys brand. These residences, which are located close to nursing homes, offer their residents services such as catering, laundry and social activities in a secure, comfortable environment. The concept allows residents to avoid any loss of independence and disruption to their day-to-day lives.

In order to comply with a complex and restrictive regulatory environment, the sector is consolidating. Standards, opening authorisations and pricing levels represent major entry barriers for new entrants in the main European countries - such as France, Belgium, Italy, Spain and Switzerland - in which Emera operates. In addition, populations are growing older across Europe, generating considerable requirements that are being partly handled by nursing homes. Against this background, Emera has been pursuing an active development policy, mainly through organic growth and then acquisitions in France and abroad since 2014. The group wants to step up its growth while expanding its geographical footprint, particularly in Southern Europe (Italy and Spain).

Emera's recent capital increase will give it the opportunity to realise its investment plans.

"When we were seeking new equity investment, we naturally approached our long-standing partner Crédit Mutuel Equity (formerly CM-CIC Investissement), with which we have a lot in common. With its supportive and highly skilled people, Crédit Mutuel Equity can give us long-term advice and help us with our development. By 2022, we are aiming to generate half of our revenue in France and the other half elsewhere in Europe," said Claude Cheton.

"Emera has acknowledged expertise in managing nursing homes, built up by all of its management team over a period of almost 30 years. We need to cover our investment requirements while maintaining quality control and complying with all standards. Private-sector groups have major advantages in terms of their investment capacity and organisation. We have a consistent, high-end market position that gives us excellent growth prospects in Europe, while focusing on quality as our main distinctive feature," explained Eric Baugas, Deputy Chief Executive Officer.

"We are delighted to be able to be working again with Emera, with which we share many common values, particularly our focus on people", added Bertrand Ghez, Managing Director at Crédit Mutuel Equity. "We act as both a partner and investor, and we supporting Emera with its international expansion, which will accelerate in the next few years in this fast-growing sector," added Laurent Sallet, Principal at Crédit Mutuel Equity.

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