mynth
10/2020

ELSAN acquired by KKR, TETHYS INVEST, ARDIAN, CNP ASSURANCES & MERIEUX EQUITY PARTNERS

FRANCE Health Providers / Healthcare Facilities / Clinics / Hospitals EV 3b - 100b EUR

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 in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.3x).

-> 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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
2019

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REFERENCES

Valuation range: EV 3b - 100b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 250M - 500M EUR

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