PAI to sell DomusVi to ICG and SRS

The deal will see PAI selling its controlling stake to London-listed asset management firm Intermediate Capital Group (ICG) and French family holding Sagesse Retraite Santé (SRS), an investment vehicle controlled by DomusVi's founder, Yves Journel. Financial details surrounding the transaction have not been disclosed.

Previous funding
In July 2003, Equistone Partners Europe bought the business for an estimated €100m. The GP invested a reported sum of €25m to acquire a 30% stake from Générale de Santé, while SRS held the majority balance. BNP Paribas supported the deal with a €54m senior debt package consisting of four tranches, including a €25m amortising A strip intended for acquisition finance, while ICG provided €15m of mezzanine finance to refinance existing debt, according to unquote" data.

Equistone then sold the business in a management buy-back in December 2004. Founder Yves Journel reacquired the business alongside other minority shareholders.

More recently, PAI acquired a majority stake via its Europe VI fund in June 2014. The deal was thought to value the business at €600m, according to press sources. According to unquote" sister publication Debtwire, Deutsche Bank, ICG, Goldman Sachs and Natixis arranged a debt package to support the deal.

Company
Founded in 1980 and headquartered in Paris, DomusVi manages private nursing homes focusing on elderly care in the European market. Currently, the business has 334 facilities under management with 29,829 beds and 28,000 employees.

People
PAI Partners – Stefano Drago (partner).
DomusVi – Yves Journel (founder); Aymar Hénin (CEO).
Intermediate Capital Group – Hadj Djemai (head of southern Europe).

Advisers
Vendor – Rothschild (corporate finance).
Acquirers – Lazard (corporate finance).
Acquirer (Sagesse Retraite Santé) – Clearwater International (legal).

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• Topics
• Exits
• Healthcare
• France
• Management buy-back
• France
• PAI Partners