Eurazeo sells Colisée to IK Investment Partners

Financial details of the transaction remain undisclosed, though the deal reportedly values the business at €236m, according to French publication Le Figaro.

The group has increased its revenues from €152m to €390m during Eurazeo's holding period, according to statements issued on entry and exit. During the same period, Colisée increased its number of care homes from 57 to 90 and expanded its geographical footprint into the Chinese market.

Under IK's tenure, the company will undertake a pan-European acquisitive growth strategy. It will also look to develop new services for the elderly.

Europe's elderly care sector has undergone considerable consolidation from private equity players in recent years, with GPs looking to capitalise on the ageing demographic across the continent. In October 2016, PAI Partners-backed HomeVi acquired Sarquavitae from Palamon Capital Partners, while Grand Sud Ouest Capital and Siparex Intermezzo acquired a stake in Omega from M Capital Partners.

Recently, unquote" published in-depth analysis of investment in the space, as well as the wider healthcare sector.

Debt
A consortium of banks comprising BOI, CACIB, CIC and ING provided a debt package to support the Colisée transaction.

Previous funding
Colisée first received backing from institutional fund managers in 2010, when Naxicap Partners invested €21.5m of growth capital in exchange for a minority stake.

Eurazeo PME, the mid-cap arm of Eurazeo, then acquired Colisée in July 2014 in a deal valuing the group at nearly €175m. The GP took a 64% stake in the company as part of the deal, with Naxicap making a full exit.

Company
Founded in 1976 and headquartered in Bordeaux, Colisée is a retirement home operator and provider of home-based care for the elderly. The group comprises 90 nursing homes and 70 home care agencies. It has a headcount of 6,700 and operates across France, Italy, Spain and China.

People
IK Investment Partners – Dan Soudry, Remi Buttiaux (partners); Diki Korniloff (associate director); Vincent Elriz (investment manager); Guillaume Veber (investment professional).
Eurazeo – Emmanuel Laillier (managing director).
Colisée Group – Christine Jeandel (CEO).

Advisers
Equity – Sycomore, Olivier Barret, Tristan Dupont (corporate finance); Clearwater International, Laurent Camilli, Nicolas Saint-Pierre (corporate finance); Roland Berger, Patrick Biecheler, Julien Gautier, Nick Hwang (strategic due diligence); PwC, Martin Naquet-Radiguet, Sofia Bennis (financial due diligence); Goodwin, Maxence Bloch, Pierre-Louis Sevegrand, Simon Sevran-Schreiber, Rémi Pages, Marie-Laure Bruneel, Frederic Guilloux (legal).
Vendor – Lazard, Isabelle Xoual, Francois Guichot-Perere (corporate finance).

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• Topics
• Buyouts
• Exits
• France
• Healthcare
• France
• IK Investment Partners
• Eurazeo
• Secondary buyout