Montagu exits Maincare to state-owned Docaposte in off-market deal

Rachel Lewis
17 January 2023

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London-based sponsor Montagu has sold healthcare software supplier Maincare to Docaposte, the digital arm of France's postal service, in an off-market deal.

Maincare, which has around EUR 80m in revenue, provides healthcare software to 80% of France's university and regional hospitals.

The buying and selling parties have had a strategic partnership since May 2022 to help digitalise the country's public hospital system.

"Docaposte was a new digital technology for mail but a few years ago really diversified into healthcare digital solutions," said Guillaume Jabalot, a Montagu partner with responsibility for France and Benelux.

The buyer said in a statement that the synergies between the two solutions will help with data optimisation to improve patient care, information flow between hospitals, as well as compliance and security.

Montagu acquired Maincare in May 2018 via Montagu V, on the back of healthcare reforms that created a hub-and-spoke model for the country's public hospital system, said Jabalot.

It was not preparing to sell the asset but was approached by the buyer and agreed to engage with no external corporate finance advisors, he said.

"The fundamental trends were there to stay, we were in no rush but the financial offer was compelling with satisfactory returns," he added, saying that Docaposte's strategic project also appealed to Maincare's management team.

Healthcare will remain a core focus of the sponsor for future deployment, alongside its other verticals of critical data, education, services to the financial sector and digital infrastructure, Jabalot said.