Gimv, UI Gestion acquire Almaviva

Gimv partly invested via its Gimv Health & Care Fund. The deal marks the vehicle's first investment. The fund was launched in February this year with a €200m target and expects to hold its first formal close in the first quarter of 2014.

21 Partners is believed to have reaped a return of at least 3x on the sale. The firm deemed it the right time to divest the business because it had owned it for five years and Almaviva had reached turnover of €100m.

21 Partners granted a sell mandate to DC Advisory, which identified Gimv as an ideal buyer due to the firm's European Health & Care practice, for which Gimv is currently raising its €200m fund.

The combined €80m investment comprises the acquisition price of Almaviva as well as future commitments by Gimv and UI Gestion to aid the company's growth. Management also invested as part of the deal.

Gimv and UI Gestion are together acquiring a majority stake in the business. The two firms will accelerate the organic growth of the existing clinics in the Almaviva group by rolling out new speciality practices, hiring new surgeons and implementing further synergies between the clinics.

The two GPs will also pursue 21 Partners' existing acquisitive strategy, continuing to focus predominantly on Almaviva's current market in the south east of France but also exploring entering new regions in the country.

Debt
A debt package was provided for the acquisition by Société Générale, comprising tranche A and B facilities. Gimv partner Arnaud Leclercq said that the banks were "creative" in the structuring of the facility, providing a significant tranche B as well as a "sizeable capex line to finance future acquisitions".

Previous investment
21 Partners was a founding investor of Almaviva in June 2007. Following its inception, the firm committed a further €15m to the company in April 2010 to finance the bolt-on of Juge Private Hospital. Société Générale provided a mezzanine facility for the deal, as well as a senior debt package alongside ABN Amro.

Almaviva employed 350 staff in 2010 and generated turnover of €60m at the time. 21 Partners held a 90% stake in the business, according to unquote" data.

21 Partners implemented synergies as part of its growth strategy for Almaviva, namely syndicating the chain of clinics' suppliers which in turn increased the company's EBITDA. The firm also improved the management and services of Almaviva's clinics.

Company
Established in 2007, Almaviva currently employs 1,000 staff, as well as 600 independent physicians. The group's seven private clinics are located in the Provence-Alps-Côte d'Azur region. Collectively, Almaviva's clinics hold 750 beds and 65 operating rooms.

The group recorded turnover of more than €100m in 2012.

People
Bruno Marie is the CEO of Almaviva, as well as co-founder alongside 21 Partners. Arnaud Leclercq is the head of Gimv France and worked on the deal from the firm's Paris office, while Bart Diels is a managing partner for Gimv's Health & Care fund. Leclercq will be taking up a position on Almaviva's board of directors.

Sébastien Alauzet is the head of health operations and Olivier Jarrousse is a managing partner at UI Gestion.

Founding managing partner Gérard Pluvinet, senior partner Henry Huyghues Despointes, principal François Tranié and associate Amélie Furno worked on the deal for 21 Partners.

Advisers
Equity - Hoche Avocats, Jean-Luc Blein (Legal); Accuracy, Nicolas Bourdon (Financial due diligence); Marsh (Insurance due diligence); CMI, Lubomi Mortchev (Commercial due diligence).
Company/management - Hoche Avocats, Jean-Luc Blein (Legal).
Vendor - DC Advisory, Eric Hamou, Nicolas Durieux, Frédéric Meyer (M&A); Mayer Brown, Emily Pennec, Marion Henriet (Legal); Ernst & Young, Laurent Majubert, Sylvie Magnen, Jean-Christophe Sabourin, Anne-Elisabeth Combes (Financial due diligence, vendor due diligence, tax).
Debt - Hogan Lovells (Legal).

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• Topics
• France
• Buyouts
• Healthcare
• France
• Gimv
• UI Gestion
• 21 Centrale Partners
• Secondary buyout