Siparex buys Winncare from IDI

The deal values the company at around €100m, which would equate to 10x its EBITDA, according to press reports.

With this sale, IDI has reaped a 3.3x return on its investment and an IRR of 22%. The GP will reinvest in the company and retain a minority stake.

Capza also participated in the deal alongside Siparex and has acquired a minority stake, while the management team, led by CEO Philippe Chene, has retained a holding of around 10%.

Siparex is deploying capital from its Siparex ETI 5 fund to finance the deal.

With the support of its new investors, Winncare plans to boost its organic and external growth through the development of cross-selling initiatives and geographical expansion, mainly in Europe.

Previous funding
Siparex acquired an 18% stake in hospital furniture manufacturer Médicatlantic and sold its shares to Milestone Capital in February 2004. The deal saw Milestone acquire a majority stake in Winncare for an undisclosed amount in a management buyout. Subsequently, Winncare acquired Asklé Santé, a provider of bed sore prevention products.

IDI invested in Winncare in 2014, when it deployed an equity ticket of around €17m and acquired a majority stake in the company from Milestone Capital. Debt to support the deal was arranged by CIC Ouest and Banque Populaire Atlantique, with mezzanine funding provided by LFPI Résilience.

Company
Founded in 2004 through the merger of Médicatlantic and Asklé Santé, Winncare designs and manufactures medical beds, pressure relieving mattresses, pressure ulcer prevention products and therapeutic cushions for elderly, ill, convalescent and disabled people – as well as hospital furniture.

Headquartered in Paris, the company has two production facilities in France and business units in Denmark, Poland, Spain, the UK and Tunisia.

Winncare employs 450 staff and sells its products to a customer base composed of 2,000 clients, primarily nursing homes and hospitals. The business generated revenues of around €75m in 2020.

People
Siparex ETI – Alexandre Tremblin, Guillaume Rebaudet (directors).
Capza – Christophe Karvelis-Senn (executive chair).
IDI – Marco de Alfaro (partner); Augustin Harrel-Courtès (investment director).

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• Topics
• Buyouts
• France
• Healthcare
• Siparex
• Capzanine
• IDI
• France