Omnes and Parquest sell Vivalto to CDC et al.

The consortium of acquirers was led by CDC International Capital, the international arm of French state investor Caisse des Dépôts.

Pending regulatory approval, the firm will purchase Vivalto alongside Abu Dhabi's sovereign wealth fund Mubadala (its partner since 2014), healthcare insurer MACSF, Vivalto's management team and some of the company's existing backers. These include BNP Paribas Développement, Arkéa Capital Partenaires and Crédit Agricole.

The three previous backers have been shareholders in Vivalto since supporting its creation via an MBO in 2009. The takeover, led by Parquest and Omnes, saw CEO Daniel Caille buy Cliniques Privées Associées and rebrand it as Vivalto.

At the time, the institutional investors secured a 60% stake in the newco, while 150 of Vivalto's healthcare professionals held the balance.

The approach, showcasing the strength of employee shareholding in French private equity, was dubbed a "third way" between the investor-only and the employee-only ownership models.

Under its new shareholders, Vivalto Santé initiated a buy-and-build programme to expand its network, which initially comprised three clinics in Brittany.

The strategy, common to other French private-equity-backed clinic operators, featured a first acquisition of a facility in Avranches in 2011. This was followed by the bolt-ons of establishments in Pontivy, Chateaubriant, Port-Marly and Annecy, among others.

Company
Created in 2009, Vivalto Santé is a private clinic operator with headquarters in Paris. The group's facilities are concentrated around the capital and in north-western France, with two additional establishments in south-eastern cities Lyon and Annecy. The network employs 1,000 professionals and treats an estimated 300,000 patients per year. The business expects to reach a €331m turnover by year-end.

People
CDC was represented by director Yonel Génin, investment manager Sofyane Thabet and legal director Simon Beauroy. Arkea was represented by private equity director Marc Brière and investment director Thomas Trideau. BNP Paribas was represented by investment director Yannick Carré, and Crédit Agricole by directors Bernard Garnier and Thierry Antonini.

On the sell-side, partners Denis le Chevallier and Laurence Bouttier, and investment manager Vincent Warlop worked on behalf of Parquest, as did directors Philippe Zurawski and Rémi Deloffre for Omnes. Daniel Caille founded Vivalto Santé and is the company's current CEO.

Advisers
Equity – Barber Hauler, Olivier Biraud, Dominique Bazy, Gonzague de Pouilly (M&A); Latham & Watkins, Olivier du Mottay, Olivia Rauch-Ravisé, Xavier Farde (Legal); PwC, Martin Naquet-Radiguet (Financial due diligence, legal, tax); Your Care Consult, Stéphane Pichon, Andrea Minciarelli (Commercial due diligence).
Vendor – Natixis Partners, Ludovic Tron, Erwan Thébault (M&A); King & Wood Mallesons, Jérôme Jouhanneaud, Isabelle Meyrier (Legal); Eight Advisory, Stéphane Vanbergue, Cyrille Palitzyne (Financial due diligence); Roland Berger, Patrick Biecheler, Eméric Deramaux (Commercial due diligence); Arsène Taxand, Frédéric Teper, Alexandre Rocchi (Tax); Racine, Carol Santoni, Luc Pons, Barna Evva (Legal); Stehlin & Associés, Anna-Christina Chaves, Sabrina Belkacemi (Social due diligence).
Company – Desfilis, Philippe Rosenpick, Guillaume Giuliani (Legal); Natixis Partners, Philippe Charbonnier, Patrice Raulin (Corporate finance); Oloryn Partners, Frédéric Jannin, Roland de Farcy (Management due diligence).

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• Omnes Capital
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