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07/2021MajorityLBO

Wren House takes majority stake in Almaviva Santé

FRANCE Health Providers / Healthcare Facilities / Clinics / Hospitals EV €1–10bn

Context

Wren House signed an agreement to acquire a controlling stake in Almaviva Santé from Antin Infrastructure Partners, which had initiated its exit process by mandating Rothschild & Co and Morgan Stanley as advisors following a refinancing earlier in 2021. Wren House outbid PAI Partners, which had submitted an offer, to prevail as the winning bidder. SRS, Antin's co-shareholder holding approximately 30%, will reinvest alongside Wren House. The transaction is expected to be complemented by the entry of a French institutional investor, with Bpifrance cited as a likely participant. The deal is expected to rely on an existing term loan B arranged at the time of the earlier refinancing, with no new debt raising anticipated in the near term.

Almaviva Santé, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the Healthcare & Pharma sector (14.8x in 2021).

-> Deep-dive in Healthcare & Pharma market trends

Target

Almaviva Santé is the fourth largest private hospital group in France, operating approximately 40 establishments with strong geographic concentrations in Île-de-France — built around a network historically developed by Yves Journel — and in the Provence-Alpes-Côte d'Azur (PACA) region. The group recently expanded into Corsica through the acquisition of Maynard and its five clinics. Almaviva owns a significant real estate portfolio alongside its operational assets, which contributes meaningfully to its overall valuation.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€450–900M
€50–100M
[members only]
2019
€450–900M
€50–100M
[members only]

Other operations with Wren House

Other operations with Wren House
DateAcquirerTargetCountrySector
01/2022WREN HOUSEVOYAGE CAREUNITED KINGDOMNursing Homes

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Almaviva Santé by Wren House are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: wren house

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Almaviva Santé, a French company specialised in Healthcare Facilities, by Wren House in 2021, structured as a leveraged buyout (LBO).

How was the acquisition of Almaviva Santé by Wren House valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Almaviva Santé’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Almaviva Santé generated annual revenue estimated in the €450–900M range and EBITDA in the €50–100M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of Almaviva Santé compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 15x - 25x, Almaviva Santé trades above the median sector multiple of 14.8x observed for the Healthcare & Pharma sector in 2021. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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