CM-CIC backs Le Normandy and Clinique Développement merger

CM-CIC, which previously held around 30% of Le Normandy, invested €15m in the transaction. Other investors in the round included BPI France, Tikehau IM, Capitem Partenaires and Alliance Entreprendre, which together contributed an estimated €15m.

The financial backers will hold a collective stake amounting to around 30% of the group's share capital, with the balance going to management. The acquirer said employees had also been given the opportunity to invest in the new entity.

The group, whose name is yet to be announced, will generate around €70m in revenues, employ 1,000 staff and provide 820 beds to patients. It will be led by Franck Lebon, which previously led the Le Normandy group.

Previous funding
In January 2012, CM-CIC provided funding of €9.3m to Le Normandy in an LBO. CM-CIC had been invested in the company since 2000, first as IPO France, which later became CM-CIC Capital Finance in 2011.

In 2011, XAnge Private Equity and EPF Partners invested €4m in Clinique Développement. XAnge contributed through XPansion, a €50m FCPR vehicle raised in 2006, while EPF invested via the €120m EPF III fund. Management retained a majority stake in the business. The GPs exited the group in late 2016.

Company
Established in 1967, Le Normandy is an operator of rehabilitation centres. Headquartered in Granville, the company employed 320 people, provided 288 beds for patients and generated €36m in revenues before the merger.

Founded in 1997 by Tanguy de La Bourdonnaye, Clinique Développement operates four clinics specialised in obstetric surgery in the Normandy region. The company employed 500 people and 110 practitioners, provided 442 beds for patients and generated €36m in revenues before the merger.

People
CM-CIC Investissement – Mathieu Sollet, Philippe Traisnel.
Tikehau – Nathalie Bleunven, Antoine Caffin.
Capitem Partenaires – Stéphane Grès, Hervé Letoublon.
BPI France – Nicolas Dardenne, Vincent Stievenard. 
Alliance Entreprendre – Laurent Colléatte, Camille Chosseler.

Advisers
Equity – La Baume Finance, Gilles Toussaint, Benjamin Robert (corporate finance); MF2A, Jérôme Majbruch (tax); Granrut Avocats, Vincent Siguier, Glenn le Louarn (legal).
Company – DC Advisory, Nicolas Durieux, Guillaume Jaureguiberry (corporate finance); Agylis, Pierre Jouglard (legal); Lamartine Conseil, Cédric Sapède, Fabien Mauvais (legal); Grant Thornton, Emmanuelle Riou, Jérôme Duflos (financial due diligence).
Debt – De Pardieu Brocas Maffei, Thibaut Lechoux (legal).

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• Topics
• Expansion
• France
• Healthcare
• France
• Build-up
• Credit Mutuel Equity (ex CM-CIC Investissement)
• BPI France
• Alliance Entreprendre