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 LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Healthcare & Pharma sector (13.3x).

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