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10/2020MajorityLBO

KKR, Tethys Invest, Ardian, CNP Assurances & Merieux Equity Partners take majority stake in Elsan

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

Context

KKR led a leveraged buyout of Elsan, becoming the majority shareholder with 43% of the capital. CVC Capital Partners, an existing shareholder, reinvested and retained a 22% stake. A French institutional investor pool holding 35% of the capital was assembled alongside KKR and CVC, comprising Téthys Invest (~15%), Ardian (~7%), AXA (~5%), CNP Assurances (via its infrastructure investment activity), and Mérieux Equity Partners. The French pool was deliberately structured to ensure strong domestic institutional backing given the strategic importance of private hospitalisation in France, heightened by the COVID-19 pandemic.

Elsan, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Healthcare & Pharma sector (14.6x in 2020).

-> Deep-dive in Healthcare & Pharma market trends

Target

Elsan is the second largest private hospital group in France , operating a broad network of private clinics and hospitals across the French territory. The group was originally built through the merger of two major private hospital platforms, including Vedici, whose co-founders Michel Bodkier and Jérôme Nouzarède had been significant shareholders in Elsan. Elsan operates across a wide range of medical and surgical specialties, serving both privately-funded and Social Security-reimbursed patients. The group is considered a strategically important asset in the French healthcare landscape, particularly in light of the increased strategic significance of private hospitalisation during and after the COVID-19 pandemic. Its scale, national footprint, and positioning as the second largest French private hospital operator made it a highly attractive platform for large-scale private equity investment.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€1–10bn
€250–500M
[members only]
2019
€1–10bn
€250–500M
[members only]

Other operations with KKR / Tethys Invest / Ardian / CNP Assurances / Merieux Equity Partners

Other operations with KKR / Tethys Invest / Ardian / CNP Assurances / Merieux Equity Partners
DateAcquirerTargetCountrySector
08/2026KKRCI FLAVORSJAPANHygiene & Beauty Brands
08/2026KKR / DRAGONEER INVESTMENT GROUPSTEADFAST GROUPAUSTRALIAInsurance
08/2026KKRINTEGERUNITED STATESMedical Devices
07/2026KKR / ENERGY CAPITAL PARTNERSDCC ENERGYIRELANDDownstream (Refining & Retail)
12/2025KKRWELLASWITZERLANDHygiene & Beauty Brands
08/2025KKRKARO HEALTHCARESWEDENHygiene & Beauty Brands
07/2025KKRSPECTRISUNITED KINGDOMLab & Scientific Equipment
11/2024KKRGREENVOLTPORTUGALSolar / PV
10/2024KKR / KREFELDANJAC BEAUTY & HEALTHFRANCECDMO
06/2024KKRENCAVISGERMANYSolar / PV

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Elsan by KKR / Tethys Invest / Ardian / CNP Assurances / Merieux Equity Partners 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.

Target: elsan

Acquirer: kkr / ardian / cnp assurances / tethys invest / merieux equity partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Elsan, a French company specialised in Healthcare Facilities, by KKR, Tethys Invest, Ardian, CNP Assurances and Merieux Equity Partners in 2020, structured as a leveraged buyout (LBO).

How was the acquisition of Elsan by KKR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

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

At the time of the transaction, Elsan generated annual revenue estimated in the €1–10bn range and EBITDA in the €250–500M bracket (FY 2020). Detailed financial figures are available to members.

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

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Healthcare & Pharma sector (14.6x in 2020).

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.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.