ELSAN
Acquired by
KKR / TÉTHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERS
ELSAN acquired by KKR / TÉTHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERS
Target
ELSAN
Acquirer
KKR / TÉTHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERS
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 LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Healthcare & Pharma sector (13.3x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with ELSAN
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: elsan
Acquirer: kkr / ardian / téthys invest / merieux equity partners