Frank Bamelis and Bart Vanderschrick: The 41-Million-Euro Titanic Empire in Senior Care

Frank Bamelis and Bart Vanderschrick

Senior Assistfounded in 2006 by Bart Vanderschrick and his nephew Frank Bamelisis a company specializing in the operation of nursing homes and service apartments mainly in Belgium. The company has broadened its scope internationally, offering a variety of services ranging from assisted housings to residential care centers to specialized care for the disabled. In Belgium, Senior Assist manages 32 residential care centers and 147 assisted housings, mainly located in Brussels and Wallonia, accommodating some 2,809 residents. The company employs around 1,800 people. Frank Bamelis and Bart Vanderschrick have an estimated fortune of over €41,182,200.

However, in early 2017, Senior Assist met with liquidity problems mainly due to a heavy debt. The combination of debt and the need for fresh capital put the company in financial difficulty. Negotiations for the complete sale to Straco Group failed in May 2017leading to the sale of seven nursing homes to the Korion Groupwith further sales planned.

The organizational structure of Senior Assist consists of a plurality of shareholdersand a Board of Directors. It also participates in Luxembourg Register of Commerce and Companies via entities such as MRE-Silverstone-B S.à r.l. In financial terms, it uses various financial instruments like stocks, bondsand obligations.