COLISÉE acquired by EQT PARTNERS
Context
EQT Infrastructure entered into exclusive negotiations with IK Investment Partners to acquire a majority stake in Colisée, marking a transition from private equity to infrastructure ownership. IK had previously acquired Colisée in 2017 from Eurazeo PME and the founding family. EQT is deploying capital from its fifth generation infrastructure fund — the largest infrastructure fund ever raised in Europe. The transaction is advised by Lazard on the seller side. EQT has stated its intention to support Colisée's continued growth into new geographic markets following closing.
Previously, the company had already undergone several LBOs, notably led by Eurazeo in 2014 and Eqt Partners in 2017. These multiple LBO cycles, coupled with several external growth operations, illustrate the strong appeal for this type of asset.
COLISÉE, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
Colisée is the fourth largest French EHPAD operator, founded in 1976 and chaired by Christine Jeandel. The group operates numerous establishments across France, Spain, Belgium, Italy, and China. Colisée has grown significantly through an active buy-and-build strategy. Colisée is recognised as one of the leading pan-European elderly care platforms, combining a strong French domestic base with meaningful international operations across Southern Europe and Asia.
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REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 750M - 1.3b EUR
EBITDA range: 100M - 200M EUR
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Acquirer: eqt partners