Parquest et al. buy Creadev's Homeperf

Investing alongside the firms was the company's management team, led by CEO Gaël Donadey.

Enterprise value for Homeperf remains confidential, but Parquest typically backs companies in the €30-150m bracket. The GP secured a majority shareholding in the business, according to unquote" sources.

The investment is Parquest's fourth since a new fund was launched when it spun out of ING Parcom Capital in April 2014.

The GP emerged as Homeperf's majority owner at the end of an auction process run by M&A adviser Lincoln, unquote" understands.

The company had been spotted by Parquest years ahead of the buyout as opportunities were considered within the home care sector – its fragmented nature held the potential for a group to consolidate via bolt-ons. 

Having recently picked up Bordeaux-headquartered e-healthcare platform Domicalis, Homeperf intends to follow that very strategy after Parquest's takeover.

Parquest is no stranger to the consolidation-via-buildup approach within French healthcare. In May, the GP created the 5 Santé platform via the merger of four clinics acquired from parent Fontalvie. At the time, the GP, reportedly a majority owner in the post-merger group, stated bolt-ons were in the pipeline for the coming months.

Debt
The SBO was supported with a unitranche facility supplied by Idinvest Partners.

Previous funding
According to unquote" data, the current private-equity-backed buyout is the third seen by Homeperf since inception. In 2007, 3i invested €35m in its parent Groupe Cair to acquire a 34% stake.

Under 3i's two-year shareholding, Homeperf was reportedly the strongest performer of the group and grew to represent half of its operations after revenues climbed up by 50%.

In 2009, the business unit was carved out by Creadev, which deployed equity alongside the management team. The latter, led by Gaël Donadey, secured a 10% interest in the business after the spin-off.

Company
Founded in 1997 as a subsidiary of Groupe Cair, Homeperf is a home care provider specialising in perfusion, nutrition and insulin therapy services; since 2011, its offering includes care for patients requiring respiratory assistance. Headquartered in Calais, the business employs a 300-strong workforce across a network of 37 agencies in France. Most recently, it reported €40m in revenues.

People
Parquest's work on the deal was led by partners Denis Le Chevallier and Laurence Bouttier, and investment manager Vincent Warlop. Meanwhile, BNP Paribas was represented by investment directors Yannick Carré and Frédéric Connault, and Arkéa by investment director Thomas Trideau. Gaël Donadey is Homeperf's current CEO.

Advisers
Equity – Eight Advisory, Katia Wagner, Luc de Saint Sauveur (Financial due diligence); Grant Thornton, Pascal Grandchamp (Tax); Alcimed, Rémi Masson Regnault, Vincent Genet, Anya Boudaoui (Commercial due diligence); King & Wood Mallesons, Thomas Maitrejean, Thomas Dupont‐Sentilles, Edouard Balades, Raphael Béra, Gwenaël Kropfinger, Olivier Vermeulen, Adeline Tieu‐Roboam (Legal).
Vendor – Lincoln International, François Rispoli, Antoine Poupard, Serge Palleau (Corporate finance); EY, Marc‐André Audisio, Emmanuel Picard, Renaud Regner, Ruben David (Financial due diligence); Dentons, Olivia Guéguen, Laura Godard (Legal).
Management – Musset & Associés, Wilhelm Benard (Legal).
Debt – Nabarro & Hinge, Jonathan Nabarro (Legal).

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• Topics
• France
• Exits
• Buyouts
• Healthcare
• France
• Secondary buyout
• Parquest Capital
• BNP Paribas
• Creadev