Ardian sells KOS to CIR and F2i for €292m

Following completion of the deal, existing majority shareholder CIR will hold a 62.7% stake, while Italian infrastructure investor F2i will enter the business with a 37.3% stake. The transaction includes the acquisition of other minority shareholders' stakes. The KOS management team will continue to lead the company.

The capital injected will allow KOS to consolidate its position in the sector through the completion of new residences, as well as acquiring existing facilities.

As part of the deal, F2i Health Management, a holding company controlled by F2i's second fund, injected €240m of equity into the business, while CIR upped its majority stake with €52m. CIR acquired its stake from the management team and other minority shareholders for €33m. Three representatives from F2i will join the management board and the GP retains the right to appoint the chairperson.

According to a statement, additional international investors could invest in the business by entering F2i Health Management with a minority stake. This would reduce F2i's investment to €180m.

Previous investment
In 2010, Ardian acquired a minority stake in KOS for €150m. CIR retained a 51% stake. The capital invested was used to bolster the company's expansion through the building of new residences and acquiring existing facilities.

Company
Milan-based KOS was established in 2002. The business provides healthcare centres, residential care homes, and rehabilitation and cancer treatment services.

According to the company's figures, KOS has 80 facilities, 7,300 beds and 5,000 employees in Italy. The business also operates in the UK and India. In the UK, it provides radiotherapy equipment to cancer centres in Leeds and Belfast.

In 2015, KOS posted revenues of €440m, EBITDA of €73m and a net profit of €20m. The company claims a compound 6.2% annual growth rate since 2010.

People
Compagnie Industriali Riunite – Rodolfo De Benedetti (chair); Monica Mondardini (CEO).
Ardian – Dominique Senequier (founder, managing partner).
F2i – Renato Ravanelli (CEO).
KOS – Claudio Stabon (president); Giuseppe Vailati Venturi (CEO).

Adviser
Equity (CIR) – Gattai Minoli Agostinelli & Partners (legal).
Equity (F2i) – Studio Carbonetti e Associati (legal); Studio Pessi e Associati (legal); Studio Sanino (legal).

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• Ardian (formerly Axa PE)