Isai sells Hospimedia to MNH Service

Alice Tchernookova
01 September 2016

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French private equity firm Isai Gestion has exited health-focused publishing group Hospimedia, selling its stake to insurer MNH Service.

Isai exits the group after a three-year holding period and completes its first divestment from the Isai Expansion fund. The GP did not disclose financial details, but said the exit registered "good returns" for its fund.

During the holding period, the group's EBITDA tripled and its turnover doubled, growing from €3m at the time of acquisition to €6m in 2015, according to Isai.

Hospimedia now generates 75% of its revenues via subscriptions to its information services, with 2,000 users working for the health ministry, laboratories or biomedical companies.

With the acquisition, insurance group MNH is looking to expand its information services, following its acquisition in April 2016 of Groupe Profession Santé, another health-specialised publishing group.

The transaction was handled by Transaction R – a subsidiary of the Rothschild group focusing on small businesses.

Previous funding
In February 2013, Isai acquired a minority stake in Hospimedia, in what marked the first investment of its Isai Expansion fund.

Its stake amounted to around 33% of the company's share capital.

Company
Established in Lille in 2001, the Hospimedia group comprises healthcare-focused information website hospimedia.fr – targeting an audience of healthcare professionals – and three recruitment websites serving the healthcare and social work industries. In 2016, the group provided services to 2,000 companies and 300,000 users.

The group currently registers a €6m turnover and employs 40 people.

People
Isai Gestion – Pierre Martini (managing partner); Guillaume Monin (investment director).

Advisers
Equity – CMC Consulting, Benjamin Chambon (corporate finance); Winston & Strawn, Florence Naudin (legal).
Vendor – Transaction R, Virginie Lazès, Charles-Henri d'Hotelans, Hadrien Mansour (M&A); Orsay Avocats Associés, Samira Friggeri, Samantha Madelin, Karine Batista, Sandrine Perrier (legal).