GSO Capital, Siparex Intermezzo back Omega Group

Alice Tchernookova
21 October 2016

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Grand Sud Ouest Capital (GSO Capital) and mezzanine debt provider Siparex Intermezzo have taken a stake in French nursing homes manager Omega, marking the exit of M Capital Partners.

The founding family Dallard stays on as majority shareholder in the group.

M Capital entered the group through an expansion round five years ago. After partnering with a regional fund, the owner, Jacques Dellard, was also looking for a financial partner whose coverage was national and European in order to embark on a new growth phase, he said in a statement. Omega intends to complement its operations in Toulouse with an expansion into the Spanish market.

The company is planning to acquire 100 extra beds a year on average, and to open a residence for elderly people in 2017. It also wants to increase the sales of its medical equipment.

According to the incoming GP, Omega has registered 10% year-on-year growth recently and should soon reach the size of a mid-sized business.

Debt
Aside from the mezzanine arrangement provided by Siparex, the transaction was supported by senior debt provided by CA Toulouse 31 and LCL.

Previous funding
In September 2011, M Capital (Midi Capital at the time) provided funding to Omega in the form of equity and convertible bonds via FIP Avantage ISF, and Avantage PME II and III, leading a €3m expansion round.

Company
Established in 1997, Omega is a nursing home management service. Headquartered in Toulouse, it manages 10 nursing and retirement homes and employs 800 people.

People
Grand Sud-Ouest Capital – Franck Stéphan (CEO).
Siparex Intermezzo – Richard Dalaud (board director); Philippe Dutheil (board member); Clément Barbier (senior investment manager).

Advisers
Company – DC Advisory, Nicolas Durieux, Guillaume Jaureguiberry, Antoine Duval (corporate finance); Themis, Cindy, Cindy Lefêvre (legal);
Equity – Alerion Avocat, Pierre-Olivier Brouard, Louise Ferreir (legal); JFI & JT, Julien Trelhu (financial due diligence); Alerion Avocats, Louise Ferreira, Cécile de Smedt, Benoit Dehaene (legal, tax); Musset & Associés, François Musset, Nathalie Pigeon (legal).