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07/2019

EMERA acquired by NAXICAP PARTNERS & ARDIAN

FRANCE Health Providers / Healthcare Facilities / Nursing Homes EV €500M–1.5bn

Context

Naxicap Partners entered into exclusive negotiations to acquire a majority stake in Emera. The transaction was highly competitive, involving bidders from both strategic industrial backgrounds and infrastructure funds. To secure the deal, the acquirer formed a partnership with one of its primary subscribers to cover the equity requirement for the "upper mid-cap" valuation. The founding family and the management team significantly reinvested in the operation, with the founder of a major industry peer also joining the round as a strategic minority partner. This primary LBO facilitated the full exit of a previous minority financial investor.

EMERA, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Founded in 1987 in Mougins, Emera is the seventh-largest operator of nursing homes and senior residences in France. The group manages a network of over 80 establishments across Europe, with a presence in France, Belgium, Italy, Luxembourg, Switzerland, and Spain. The company provides specialized long-term care, medical assistance, and residential services for the elderly. By combining high-quality hospitality with professional healthcare standards, the group has established itself as a key player in the European elderly care market. Its regional roots and international expansion strategy have allowed it to build a resilient platform catering to the growing needs of an aging population across multiple regulatory environments.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2018
€150–250M
€50–100M
[members only]
2017
€150–250M
€50–100M
[members only]

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
01/2020ARDIANSANTE CIEFRANCEHealth Providers
12/2019CIRCLE HEALTHBMI HEALTHCAREUNITED KINGDOMClinics / Hospitals
07/2019I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENTDOMIDEPFRANCENursing Homes
07/2019TRITON PARTNERSALERISSWEDENClinics / Hospitals
04/2019COLISÉEARMONEABELGIUMNursing Homes
03/2019DOMUSVIRESIDALYAFRANCENursing Homes
01/2019HUMANACORONARIA HOIVAFINLANDNursing Homes
11/2018DENTALPROCLINIODENTSWITZERLANDDental Centers
04/2018INVESTINDUSTRIALLIFEBRAINITALYLabs (Biology)
03/2018ICV PARTNERSOUTPATIENT IMAGING AFFILIATESUNITED STATESRadiology

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €150–250M

EBITDA range: €50–100M

EV/Revenue range: 2x - 6x

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 EMERA by NAXICAP PARTNERS / ARDIAN 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.

Press release: view release

Target: emera

Acquirer: ardian / naxicap partners