Five Arrows launches CBA Informatique stake sale

The private equity arm of Rothschild has collected letters of intent (LOIs) for its 40% stake, two of the sources said, with one specifying these were collected on 6 June. Non-binding offers will be collected "very soon," a third source added.

CBA Infomatique generated EBITDA in the region of EUR 20m for FY22, two sources said. Natixis Partners was appointed last year to advise on sale options for the company’s shareholders, as previously reported by Unquote sister publication Mergermarket.

The company’s CEO Caroline Moga-Birling and her family, who own the remaining 60% of the business, intend to remain majority shareholders, three of the sources said.

CBA Informatique, which provides software and services for healthcare professionals, is expected to attract high levels of interest from both private equity firms including tech-focused funds, two sources said. However, the family’s desire to retain a majority stake could reduce the level of interest from prospective buyers, one said.

FAPI invested EUR 50m in exchange for a 40% stake in the company in 2018.

Established in 1986 in Avignon, in the south of France, CBA is among the largest providers of billing and patient management for private sector nurses in France with more than 28,000 subscribers.

In 2018, Caroline Birling, founder Marc Birling’s daughter, took over as CEO.

CBA Informatique and FAPI declined to comment. Natixis Partners did not reply to requests for comment.

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