PAI acquires DomusVi

Ellie Pullen
11 June 2014

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PAI partners has acquired a majority stake in DomusVi, a French operator of nursing homes and related services, via its Europe VI fund.

DomusVi founder Yves Journel has reduced his stake through the transaction via holding company DV Holding; company management holds a small minority stake.

PAI has bought out the stake held by GDP Vendôme – a shareholder in the business subsequent to the merger of DomusVi and Dolcéa in 2011 (the holding company of Dolcéa).

The deal was sourced through an auction process.

The acquisition marks the third investment made through PAI's new Europe VI fund, which launched in May last year with a €3bn hard-cap and reached a first close in January on €1.4bn.

At the end of April, the firm acquired Euro Media Group, a French TV and film facilities provider, for around €200m – equivalent to 4x EBITDA. At the beginning of the same month, PAI teamed up with Carlyle to acquire the Custom Sensors & Technologies division of Schneider Electric for around $900m.

Previous investment
Equistone (then Barclays Private Equity) acquired DomusVi in June 2003 for €90m, according to unquote" data. The GP provided €21m in equity alongside a €15m mezzanine facility from Intermediate Capital Group and a €54m senior debt package provided by BNP Paribas in four tranches, including a €25m amortising A-strip intended for acquisition finance.

Equistone then sold the business in a management buy-back in December 2004. Founder Yves Journel reacquired the business alongside other minority shareholders.

Company
DomusVi as it stands today was established in 2011 through the merger of DomusVi (DV Holding) – founded by Yves Journel – and Dolcéa (GDP Vendôme), founded by Jean-François Gobertier.

The company operates nearly 200 nursing homes for elderly dependant people with more than 15,000 beds. It offers both medicalised and non-medicalised nursing home and elderly care services.

Suresnes-headquartered DomusVi generated revenues of €647m in 2013.

People
Jean-François Vitoux is the president and CEO of DomusVi. Frédéric Stévenin is a partner at PAI.

Advisers
Equity – BNP Paribas (Corporate finance); Willkie Farr & Gallagher (Legal).
Company – Rothschild & Cie (Corporate finance); Cannacord Genuity (Corporate finance); Gassenbach (Legal); Ashurst (Legal); Weil Gotshal & Manges (Legal).