Chema Cosculluela now leads a growing network of nursing homes in Spain, drawing inspiration from the Aragonese group Vitalia, which has expanded rapidly over the last decade and envisions reaching 15,000 beds nationwide by 2026.
Vitalia’s current position is very different from its beginnings in the 1990s.
I started in the consulting sector, working with the SAR group, which had Basque and Catalan partners. When those partners exited, the Basque side invited me to partner, and we built a project that was meant to last a year. I departed and, during that process, earned the right to specialize in Córdoba, Espiel, and that is where my solo path began. This is why Vitalia has grown so substantially in Andalusia, with about 3,000 beds and 1,600 employees in the region.
The company expanded significantly up to 2017, marking the start of a major push with funding from a venture capital firm.
Beginning this venture with limited resources, the enterprise was initially backed by banks including Portobello, Cajasur, Cajasol, and La Caixa. Through a sequence of moves, we acquired shares of the saving banks with which relationships had been built. Portobello eventually stepped back, and the group advanced its own residential strategy using venture capital from CVC. Land was acquired across Spain, much like the early days of 2008 when land was in scarce supply.
Given the family structure of the company, how did negotiations with the fund unfold?
There were three individual partners: a first cousin, a partner, and the focal executive. The decision was to pay cash, and the leadership chose to proceed. Negotiations spanned fifteen venture capital firms until a consensus was reached with a firm with which strong alignment existed and where terms fit the group’s priorities well. [Attribution: internal interview with Vitalia leadership]
Could the value of Vitalia, centered on quality care, align with venture capital expectations?
They align perfectly because the fund’s aim is value creation. Vitalia has never distributed a dividend in its 25 years, keeping the focus on growth and reinvestment. The fund has been involved for six years, with an expectation of perhaps three more years before considering exit. [Attribution: fund-partner discussions]
Was value creation a prerequisite for the partnership?
The business model was agreed upon, and the relationship with the funds is strong enough that only two board meetings are held each year. The fund’s presence was crucial to the expansion plan, but day-to-day management remains that of a large, family-led company. This structure keeps the company cohesive while enabling rapid development. [Attribution: governance notes]
When asked about the likelihood of fund exits within three years, what options exist?
After the expansion period ends in 2026 and current partners retire, an initial public offering in Spain is the preferred route, as it would preserve independence for a national-scale Aragonese group. Reasonable stability supports this path, and another fund could step in, though the preference is for a slower investor such as a pension fund given the company’s mature profile. The family intends to continue guiding the business. [Attribution: strategic planning remarks]
The geriatric sector faced a difficult year due to the pandemic. Many residents died in Vitalia facilities, including the Leganés center.
The sector endured severe strain. Some centers remained unaffected, others struggled as the healthcare system stretched to its limits. The clients at the end of the care chain — the elderly residents — bore the heaviest burden. In this view, the system itself suffered more than the facilities did. [Attribution: sector analysis]
Has the pandemic’s hit affected Vitalia’s reputation? The industry as a whole noticed the impact, and Vitalia emerged stronger. When scrutiny intensified, those delivering quality, transparency, and strong care foundations stepped forward and welcomed press attention. [Attribution: media coverage review]
Will the model of quality influence pricing?
Vitalia serves uniquely valued clients, with pricing around 1,900 euros per month, about 20% to 30% below many competitors. It ranks as the second operator in Spain after SAR. The long-term plan targets 15,000 beds within 3 to 4 years, with ongoing improvements in quality and a continued emphasis on neurological rehabilitation to sustain steady growth. [Attribution: market positioning notes]