EQT Infrastructure in exclusivity to acquire IK's Colisée

The transaction remains subject to competition authority and employee representative body approval.

IK acquired Colisée in an SBO from Eurazeo in April 2017, investing via IK VIII, which held a final close in November 2016 on €1.85bn. The vehicle was fully deployed as of July 2020. The fund made investments of €50-100m, targeting businesses with enterprise values of €100-500m.

The acquisition of Colisée was valued at €650m. The company reported revenues of €390m and managed 90 care homes at the time of IK's investment.

According to Unquote sister publication Debtwire, the deal was supported by a debt package totalling €440m. A banking consortium comprising BOI, CACIB, CIC and ING backed the acquisition, alongside Natixis, HSBC and BNP Paribas.

During the investment period, the company expanded into new European markets via add-on acquisitions: it acquired Belgium-headquartered Armonea in a deal valued at around €550m in February 2019. The GP said in a statement that the business tripled in size under its ownership.

Capital Finance reported in March 2020 that IK was preparing to launch a sale process for the business, citing Antin IP, Macquarie, EQT, CVC and a consortium led by HLD and Predica as bidders in the process. The report stated that the company has EBITDA of €140m and could be valued at €1.5bn.

EQT is planning to invest via its fifth infrastructure fund, which will be 5-10% deployed based on total fund volume following the investment, according to a statement. The GP plans to support Colisée's growth in new and existing markets and to assist wih its social responsibility and sustainability goals.

The deal is IK's second exit to be announced in the second half of 2020: it sold Germany-based Aposan – a portfolio company of its Small Cap I Fund – to Ardian's Santé Cie in July 2020.

Previous funding
Naxitis acquired a minority stake in Colisée in 2010, investing growth capital of €21.5m.

Eurazeo invested in Colisée in July 2014 in €175m deal, acquiring a 64% stake in the business, while Naxitis fully exited the business.

Company
Founded in 1976, Colisée operates elderly care homes and provides at-home care services. It runs 270 nursing homes in France, Belgium, Spain and Italy, housing 25,000 residents. The business reports revenues of around €1bn and employs 16,000 people.

People
Colisée – Christine Jeandel (CEO).
IK Investment Partners – Dan Soudry (partner).
EQT Infrastructure – Thomas Rajzbaum (investment adviser, head of EQT's French Infrastructure Advisory Team); Ulrich Köllensperger (investment adviser).

Advisers
Vendor – Lazard, Francois Guichot-Perere, Emmanuel Plantin, Thomas Brionne, Hugo Toujas (corporate finance); Goodwin, Maxence Bloch, William Robert, Simon Servan-Schreiber (legal); LEK, Serge Hovsepian, Arnaud Sergent, Maxime Julian (commercial due diligence); 8Advisory, Pascal Raidron, Katia Wagner, Guillaume Rembry (financial due diligence, tax).
Management – Oloryn, Roland de Farcy (corporate finance); Opleo, Pierre Olivier Bernard (legal).

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• Topics
• Exits
• France
• Healthcare
• France
• Secondary buyout
• EQT
• IK Investment Partners