Ardian's Dedalus raises €72m bond from Tikehau

Amedeo Goria
22 December 2016

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Private equity-backed healthcare clinic service provider Dedalus has raised a €72m bond from asset management firm Tikehau IM.

The deal saw Tikehau act as sole arranger for the bond issuance and is the third direct lending deal executed by Tikehau's Italy-based team, led by Luca Bucelli. The debt facility will be listed on the third market of the Vienna stock Exchange.

The company is keen on using the capital injection to boost its expansion plan via bolt-on acquisitions across the market. Earlier this year, the company acquired an 83% stake in listed Italian competitor NoemaLife. Based in Florence, the group currently employs 1,700 people with a presence in 25 countries and expects to generate €170m in revenues in 2016.

The company's private equity-backed history started in January 2008, as Intesa Sanpaolo-controlled Fondo Centro Impresa acquired a 23% stake for €7m, alongside a 10% stake purchased by Sviluppo Imprese Centro Italia through its Fondo Toscana Venture for €3m. As part of the deal, the former shareholders of Metafora Informatica, previously acquired by Dedalus, also invested €3.6m in the company through the newco Alea Srl for a 10% stake. The remaining 52% stake was retained by the company's founder and CEO Giorgio Moretti through his holding company, Health Holding Company (HHC), with the management team owning a 5% stake.

In October 2010, Mandarin Capital Partners acquired a 19.2% stake in the business for €16.5m. As part of the deal, Fondo Centro Impresa diluted its stake down to 19% while existing shareholders retained a 61.8% stake.

More recently, Three Hills Capital Partners - formerly known as Hutton Collins - led a €65m investment in Dedalus in the form of a subordinated loan and equity for a 14% stake in the business in January 2014.

In July 2016, Ardian acquired a 60% stake in the business through its Ardian LBO Fund VI vehicle. The transaction saw the company's chair and CEO Giorgio Moretti sell 10.41% of his stake and retain 40%. Moreover, Three Hills exited its 14% stake in the business and Mandarin sold its 35.59% stake.