Naxicap, Ardian back Emera MBO

The transaction sees Emera valued at €600-650m; the company posts EBITDA of €45-50m, according to French publication Capital Finance.

Naxicap and Ardian will help the group accelerate its international expansion.

CM-CIC Investissement, the previous investor in Emera, has divested its stake. The GP invested €20m in Emera in 2017, when it operated 57 homes. Its revenues amounted to €200m in 2016.

Company
Founded in 1987, Emera is provider of residential care homes and has built a network of 68 residential retirement homes with more than 6,000 beds across Europe. Emera's turnover exceeded €230m in 2018, 20% of which was generated outside of France – in Belgium, Luxembourg, Switzerland, Italy and Spain.

People
Emera Group – Claude Cheton (president, founder); Eric Baugas (CEO).
Naxicap Partners – Eric Aveillan (chairman).
Ardian – Antoine Lencou-Barème (managing director of Ardian Co-Investment).  

Advisers
Equity – Lazard Frères, Charles Andrez, Guillaume de Fréminet, Raoul Mansour, Pierre-Hadrien Francey (M&A); Will Consulting, Jacques Ittah (M&A); Edge, Matthieu Lochardet, Stéphanie Dourdin (legal); Mayer Brown, Patrick Teboul (legal); KPMG, Mathieu Wallich-Petit, Mohamed Macaigne, Stéphane Kuster (financial due diligence); KPMG, Laurent Gobbi, Paul Pillet (IT due diligence); Fidal, Anne Fréchette-Kerbat, Mikael Maheust, Régis Hallard, Rodolphe Meneux (legal); Depardieu, Paul Talbourdet (legal); BCG, Benjamin Entraygues, Quentin Decouvelaere, Mathilde Marret (strategic due diligence); Marsh, Charles Amblard, Jean-Marie Dargaignaratz (insurance due diligence).
Company – Oloryn Partners, Eric Lesieur (corporate finance); SVZ, Franck Sekri (legal).
Vendor – Transactions & Cie, François Paillier, Sébastien Chabre (M&A); Frieh Associés, Michel Frieh (legal); KPMG, Hervé Richard (financial due diligence). 

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• Topics
• Buyouts
• France
• Healthcare
• France
• Ardian (formerly Axa PE)
• Naxicap