ICG's DomusVi bolts on Sarrikue Group

Including the acquisition of Sarrikue, DomusVi now operates 10 centers in the Basque country (eight residences for the elderly, a mental health clinic and a psychosocial rehabilitation day centre), with 1,100 spaces for health and social care.

Founded in 1983 and headquartered in Paris, DomusVi manages private nursing homes in France, Spain and China, focusing on elderly care. Employing 28,000 people as of 2017, the business posted an EBITDA of around €180m in 2017, according to a report by French daily Capital Finance.

DomusVi was first acquired by PE in 2003, when Equistone Partners Europe bought the business for an estimated €100m. The GP invested a reported sum of €25m to acquire a 30% stake from Générale de Santé, while French family holding Sagesse Retraite Santé (SRS) – an investment vehicle controlled by DomusVi's founder, Yves Journel – held the majority balance. A year later, Equistone sold the business in a management buy-back.  

A decade later, French large-cap PE house PAI Partners acquired a majority stake via its Europe VI fund in 2014. The deal valued the business at €639m, according to PAI's website. PAI subsequently sold its controlling stake in DomusVi in 2017 to London-listed asset management firm ICG and SRS. 

According to PAI's case study on the deal, the exit valued the business at €2.36bn. The business generated a money multiple of 3.3x for PAI, as reported in Unquote's recent GP profile of the firm.

Company
Founded in 2005 and headquartered in Bilbao, Sarrikue operates three residences in the province of Biscay, with a total of 291 spaces and 150 employees.

People
DomusVi – Yves Journel (founder).

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• Topics
• Expansion
• Southern Europe
• Healthcare
• Spain
• Intermediate Capital Group
• Build-up