Vivalto Partners buys majority stake in Vivalto Santé

Historical shareholders MACSF, Arkéa Capital, BNP Paribas Développement, Groupe Crédit Agricole, Mubadala and BPI France are also investing in the business, according to a statement.

Doctors and practitioners within the group will also hold a stake in the company alongside its institutional shareholders, with 1,000 practitioner shareholders expected to participate following a public offering for the comany's practitioners to be launched later in 2021, according to the same statement.

The company's employee shareholding currently stands at 25% of the company's workforce via a mutual fund, but the firm aims to bring this to 35%.

Vivalto Partners was founded in 2021 by Daniel Caille and focuses on healthcare and consumer healthcare investments. The GP is also headed by partners Yonel Génin and Sébastien Alauzet.

The firm held a first close for its debut fund, Vivalto Capital I, in November 2021 on EUR 500m. The fund had raised EUR 450m as of July 2021, according to Unquote Data, and has a EUR 700m target. The GP invests in businesses with enterprise values of EUR 50m-500m, focusing on healthcare businesses in France and Europe, focusing on care, pharmaceuticals, public health, B2B services, and medical devices. The firm can invest EUR 25m-150m in equity alongside its co-investors, according to its website.

In addition to heading Vivalto Santé and Vivalto Partners, Caille also heads French care home operator Vivalto Vie, which he formed in 2015 via the acquisition of care home chain Fides, rebranding it under the Vivalto name.

A number of the shareholders who have invested in Vivalto Santé have previously backed Vivalto Vie, including MACSF, Arkéa and BNP Paribas. Vivalto underwent a capital structure reshuffle in February 2020, as reported by Unquote, with a consortium comprising Amundi Private Equity Funds (via its Megatendances I and Megatendances II funds), Societe Generale Capital Partenaires (SGCP), Arkéa, MACSF, BNP Paribas and Socadif investing in the company, as reported.

Previous funding
Omnes Capital and Parquest Capital acquired private hospital group Cliniques Privées Associées in 2009, investing alongside CEO Daniel Caille and rebranding the company as Vivalto Santé. Omnes and Parquest held a stake of 60%, according to Unquote Data, with 150 of the company's employees also holding shares in the business.

In December 2015, the business was sold to CDC International Capital, Mubadala, MACSF and the company's management team. Existing shareholders also participated in the deal, including BNP Paribas, Arkéa and Crédit Agricole. The deal reportedly valued the company at around EUR 400m, equating to an EBITDA multiple of more than 11x. Debt was provided by Tikehau, BNP Paribas Principal Investments, Crédit Agricole, BNP Paribas, Natixis, Societe Generale, Arkéa, CM-CIC, and IKB, Unquote sister publication Debtwire reported at the time.

Company
Vivalto Santé is a private hospital operator in France. The company was founded in 2009 via three clinics based in Brittany and is headquartered in Saint-Grégoire. The company now has 10,000 employees plus 3,000 practitioners across 50 sites, generating revenues of more than EUR 1bn. The company operates in the French healthcare districts of Bretagne, Loire & Aquitaine, Normandie, Ile-de-France, Hauts-de-France and Franche-Comté.

People
Vivalto Partners – Damien Caille (president, partner); Yonel Génin, Sébastien Alauzet (partners); Laurent Dethomas, Charles-Eric François (managing directors); Aurélien Faré (chief financial officer).
MACSF – Roger Caniard (finance director).
Arkéa Partners – Thomas Trideau (investment director).
IK Partners – Thomas Grob (partner).
Hayfin – Alban Senlis, Séverin de Mortemart (directors); Gonzalo Erroz (managing director); Zacchary Fournier (investment associate).
Mubadala – Andres Rodenas (director).
BPI France – Eric Lefebvre (member of the management committee); Stéphanie Vuillaume (senior investment manager).
Arkéa Capital – Thomas Trideau (investment director).
BNP Paribas Développement – Yannick Carré (investment director).
Caisses du Crédit Agricole – Thierry Antonini (investment director).

Advisers
Vendor – Natixis Partners, Ludovic Tron, Julien Plantive, Philippe Charbonnier, Patrice Raulin (corporate finance); Latham & Watkins, Olivier du Mottay, Alexander Benedetti, Xavier Nassoy, Xavier Farde, Carla-Sophie Imperadeiro (legal); Olivia Rauch-Ravisé, Clémence More (tax); Roland Berger, Patrick Biecheler (commercial due diligence).
Management – Oloryn, Roland de Farcy (legal); Opléo, Olivia Tassan (corporate finance).
Equity (Vivalto Partners) – Goodwin, Maxence Bloch, Aurélien Diday, Rodolphe Amaudric du Chaffaut (legal); Edmond de Rothschild Corporate Finance, Arnaud Petit, Nicolas Durieux, Pierre Boscher (corporate finance); JP Morgan, Edouard Debost, Augustin d'Angerville, Stéphane Humez (corporate finance); KPMG, Olivier Boumendil (financial due diligence); Florence Olivier, Albane Eglinger, Xavier Houard, Jérôme Talleux (tax); Alvarez & Marsal, Frédéric Steiner (financial due diligence); Deloitte Taj, Cécile Debin (tax); LEK, Serge Hovsepian, Arnaud Sergent (commercial due diligence).
Equity (IK Partners) – Willkie Farr & Gallagher, Eduardo Fernandez (legal).
Equity (Mubadala Capital) – Paul Hastings, Sébastien Crépy (legal).

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