FRANCE - BC Partners-backed Médica prepares IPO

The company is hoping to raise a minimum of EUR 250m, which will be used to cut its debt as well as to fund expansion. The flotation would also see BC Partners and AXA Private Equity reduce their stake in the company depending on demand and share price.

Médica was founded in the 1980s by merging smaller retirement home businesses, under the direction of the Caisse des Dépots et Consignations. It was acquired by its current owners - BC Partners and AXA PE - in September 2006, following a dual-track exit process and a last-minute decision by Medica's previous owners Bridgepoint, to cancel Médica's IPO.

The deal was valued at EUR 750m and at the time Royal Bank of Scotland underwrote the EUR 500m debt package, which was worth more than 8x the company's EBITDA. The debt comprised of three tranches of senior debt and a EUR 90m mezzanine facility. The transaction also included a EUR 50m real estate lease.

Bookbuilding will commence subject to approval from the French financial services authority.

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