Headquartered in Düsseldorf, Alloheim Group was founded in 1973 as a family business and is today the largest private provider of stationary care in Germany. The Group operates more than 320 senior residences, 112 assisted living locations and 36 outpatient care services. In total, Alloheim offers more than 30,000 stationary care beds and approximately 4,500 assisted living apartments.
In addition to Alloheim Senioren-Residenzen, the Group comprises the brands CMS, Itertalklinik Seniorenzentren, Pro Talis, ProCurand, Integra and Katharinenhof. Alloheim employs approximately 30,000 people and generated revenues of approximately EUR 1.6bn in the 2025 financial year; including the companies acquired in 2026, the Group puts its revenues at approximately EUR 2bn. Alloheim has been led by CEO Dr. Steffen Hehner since early 2023.
TA Associates is a global private equity firm headquartered in Boston, founded in 1968. According to its own figures, TA has raised approximately USD 65bn in capital since inception and employs more than 160 investment professionals; its investment focus lies in technology, healthcare and financial services.
In healthcare, TA cites more than 50 years of experience in partnering with care providers. In Germany, the firm has to date been known primarily for its investment in Bonn-based software company Doxis. For the growth-oriented investor, Alloheim marks its entry into the German care market.
Nordic Capital is a sector-specialist private equity investor based in Stockholm with a particular focus on healthcare. Through Nordic Capital Fund VIII, the firm agreed to acquire Alloheim from The Carlyle Group in December 2017; following clearance by the European Commission, the transaction was completed on 31 March 2018. The purchase price at the time amounted to approximately EUR 1.1bn including debt, corresponding to approximately 12.5x the EBITDA of EUR 88m expected for 2017.
Under Nordic Capital's ownership, Alloheim integrated more than 160 facilities as part of a consistent buy-and-build strategy, including more than 30 through its most recent acquisitions. Over the same period, the workforce more than doubled.
TA Associates will assume the role of anchor shareholder; Nordic Capital will divest its entire holding upon completion of the transaction. The parties have agreed not to disclose the purchase price or the size of TA's future shareholding. The key transaction parameters are as follows:
The Group's strategy, management and operational direction will remain unchanged; no changes are planned to its locations or local points of contact.
TA Associates was advised by Kirkland & Ellis, led by Prof. Dr. Benjamin Leyendecker and Dr. Johannes Rowold (both Munich). According to JUVE, White & Case was also involved in the transaction.
With TA Associates, Alloheim will have its fourth consecutive financial investor as owner. Star Capital acquired the company in 2008 by way of a management buy-out and sold it to Carlyle in 2013 for approximately EUR 180m, before Nordic Capital acquired the Group in 2017. Few companies in the German care market illustrate value creation through buy-and-build as clearly: the enterprise value is estimated to have increased more than tenfold since 2013.
The exit now agreed follows several earlier attempts. Nordic Capital mandated UBS to sell the business as early as 2021; according to media reports, however, the process was discontinued in early 2024, citing the difficult market environment. In the meantime, Alloheim has secured its financing into the 2030s through a bond placement and expanded the platform further in September 2026 through the acquisitions of Integra (nine facilities) and Pro Curand (19 care homes with approximately 1,550 beds, more than 1,100 serviced living apartments and twelve outpatient services, focused on Berlin and Brandenburg).
The transaction comes at a time when financial investors' view of care homes has improved markedly. Following the upheavals of 2022 and 2023, such as the share price collapse of French operator Orpea and the handover of Emvia Living to its lender, investors had largely withdrawn from the segment. Rising care fees, normalised occupancy and reduced reliance on agency staff have since stabilised margins; in early 2026, the Vitanas Group was acquired by French operator Domidep, which is controlled by I Squared Capital.
For TA Associates, Alloheim offers a scaled platform in a structurally growing market: demographic change is driving demand for stationary and outpatient care, while skills shortages and rising regulatory requirements are putting pressure on smaller operators and supporting further consolidation. Alloheim has announced that, under its new anchor shareholder, it will continue its focus on quality leadership and the expansion of multi-professional care services.
ConAlliance is one of the leading M&A advisory firms in healthcare and supports companies and investors throughout all phases of buy-side and sell-side processes. Since its foundation in 2010, the firm has successfully completed more than 250 transactions. Its sector focus is strict: ConAlliance advises exclusively on acquisitions and divestments in the global healthcare and life sciences industry, from medical technology and pharmaceuticals to healthcare and care services.
In the care segment, ConAlliance has successfully advised on more than 50 M&A projects, with a particular focus on out-of-hospital intensive care. References include Bregal - Deutsche Pflege Holding (today Linimed), the sale of Gebomed to Linimed, the sale of careberlin24 and carebrandenburg24 to VitalAire, the transaction of (today's) ArteCare to Perpetua and the sale of the Lebe!Zeit Group, or the sale of the Dr. Dr. Wagner Health & Care Group (now Senecura / Optimamed), which at the time of the transaction was Austria’s largest private care and rehabilitation group – to name just a few examples here.