BC Partners, Ardian among sponsors in second round of Simago sale

Other second round contenders bidding for the privately owned French medical imaging specialist include infra fund Antin, three of the sources said, as well as sponsor Eurazeo, two of the sources said.

The business is being marketed off EBITDA in the EUR 30m–35m range, as reported.

If a sponsor eventually invests in a minority stake, the company is expected to fetch a punchy EV of more than 16x, one of the sources said. However, despite the fact that several private equity firms are in second round, the sponsorless route is still very much viable, another of the sources said.

Final bids are due on 30 May, according to a sixth source familiar.

Edmond de Rothschild is advising Simago's management, as reported. IK and Charterhouse were circling the business earlier in the sale process.

The minority stake sale process in Groupe Résonance Imagerie, a smaller French medical imaging specialist, has recently concluded with Andera Partners obtaining exclusivity, as reported.

Simago completed its first acquisition in 2020, acquiring radiology centres in Arpajon and in Castres. Small-cap investor Entrepreneur Invest supported the business on the two bolt-ons via convertible shares and bonds, according to a report by the investor.

Founded in 2019 by Charles-Henry Beglin and Clément Martin, the business offers a wide range of medical imaging services, such as Magnetic Resonance Imaging (MRI), echography and mammography, among others. Simago operates 16 MRI scanners and 15 Computerized Tomography (CT) scanners in 28 centres across France, according to its website. It employs 78 radiologists.

Simago, Entrepreneur Invest and BC partners declined to comment, while Edmond de Rothschild, Antin, Ardian and Eurazeo did not respond a request for comment.

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• Topics
• Buyouts
• Healthcare
• France
• Mergermarket
• BC Partners
• Ardian (formerly Axa PE)
• Eurazeo