Barmenia Versicherungen (“ Barmenia ”) is a leading German insurance group , particularly in the private healthcare insurance segment .
www . barmenia . de
CASE STUDY | Strategy & Digital
SITUATION
SOLUTION
RESULT
• Demographic change and changing living conditions are stable growth drivers for the care market in Germany : expected market volume in 2030 > Euro 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
To provide a basis for the investment decision , the goetzpartners 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 , analyzed 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 .
goetzpartners 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 . ( Maurice Roß , Business Development Manager , Barmenia Versicherungen )
Based on the workshops , the team eventually proposed a commercial term sheet ready for signature .
• Transaction closure with Care Rockets following proposed adjustments on the transaction structure
• First successful step taken for the client to strategically position itself in a market of strong future relevance through partnerships with start-ups