Barmenia Versicherungen
Barmenia Versicherungen (“Barmenia”) is a leading German insurance group, particularly in the private healthcare insurance segment.
We supported our client Barmenia Versicherungen in the majority investment in Care Rockets to build a care ecosystem together with start-ups. The team compiled a due diligence report to provide a basis for the investment decision and evaluated the business plan.
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The challenge
- Demographic change and changing living conditions are stable growth drivers for the market in Germany: expected market volume in 2030 - over € 66 billion.
- Barmenia's health insurance already offered additional services for customers but was positioned primarily as an insurer in the health insurance sector.
- Therefore, the client wanted to reposition itself in the care market independently of the insurance business and build a care ecosystem together with start-ups.
- The client had identified a healthcare start-up, Care Rockets, as target company for a majority investment.
The solution
To provide a basis for the investment decision, the advisory team first compiled a due diligence report. In this process, the team focused on ten different categories to assess the relative maturity of Care Rockets based on documents provided by the target company as well as on interviews and an external market assessment. Subsequently, the team evaluated the business plan, analysed and benchmarked the relevant factors, and conducted an indicative venture capital valuation assessment. The advisory team identified three dimensions that required adjustments prior to a deal closing and recommended executing the intended transaction in an adapted construct.
In the next step, the team created a negotiation guideline including suitable incentive instruments for the client's discussions with Care Rockets company. Further, workshops with the client and Care Rockets to discuss the implementation of the suggested adjustments were prepared and accompanied.
Based on the workshops, the team eventually proposed a commercial term sheet ready for signature.
The team not only supported us in our decision-making for the investment in a start-up but also prepared us excellently for the transaction process up to the closing.Business Development Manager of Barmenia Versicherungen
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