PE-backed Vivalto Santé bolts on Capio's French division

Vivalto has entered exclusivity for the sale and the proposed transaction values Capio France at €425m, plus an earn-out contingent on 2018 financial performance, up to a total enterprise value of €455m. This would imply an EBITDA multiple range of 9.0-9.6x, based on Capio France's financials as of June 2018.

The carve-out will help parent company Capio, based in Gothenburg, to accelerate the growth of the less capital-intensive Nordic operations. Capio has divisions in Sweden, Norway and Germany. As of 2015, the group employed 12,000 employees and generated net sales of SEK 13.9bn.

The proposed combination of Capio France and Vivalto forms a healthcare provider positioned as the third largest private operator in France, according to a joint statement by Vivalto Santé and Capio. 

Vivalto Santé was first backed by Omnes Capital and Parquest Capital between 2009-2015. It was subsequently sold to CDC International Capital, Mubadala, MACSF, existing shareholders and the management team. Press speculation surrounding the deal suggested that the group was valued at around €400m.

In July 2018, Unquote reported that Daniel Caille, president of Vivalto Santé, was backing digital health fund CapDecisif 4 via his family office Vivalto. 

Company
Headquartered in Villeurbanne, Capio France's 22 hospitals and clinics provide treatments primarily within medicine, surgery and obstetrics. In the 12 months to July 2018, Capio France's headcount amounted to 5,400 employees, and the business generated net sales of SEK 5.6bn (c€520m), with EBITDA of SEK 479m (c€44m).

People
Capio – Thomas Berglund (president, CEO)
Vivalto Santé – Daniel Caille (chairman, CEO).

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