Inicea acquired by Clariane
Context
Clariane (formerly operating as Korian) has finalized the definitive acquisition of Inicea, a premier psychiatric care provider, from Antin Infrastructure Partners. This landmark healthcare transaction positions the European care and hospitality giant among the top 3 private psychiatry operators in France. By merging Inicea's 19 specialized facilities with its own 11 existing clinics, the group scales its network to 30 specialized psychiatric and addiction clinics, effectively establishing a dedicated fourth business line focused on mental health within its French operations.
Inicea, which reported an EBITDA margin of [members only] in 2021, 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).
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Target
Inicea is a French private psychiatric and addiction care specialist operating a network of 19 establishments at the time of the transaction, focused on mental health and addictology services. The group has developed a distinctive and innovative approach to ambulatory care, notably through the opening of autonomous day care reception centres (centres d'accueil de jour autonomes), positioning it as a pioneer in outpatient mental health pathways in France. Inicea's clinical model emphasises innovative care pathways developed in close collaboration with medical staff and nursing teams, with a particular focus on patients suffering from psychiatric disorders.
Ent. Value
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Health Providers
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2020 | ASKLEPIOS KLINIKEN | RHÖN-KLINIKUM | GERMANY | Clinics / Hospitals |
| 03/2020 | ORPEA | TLC GROUP | IRELAND | Nursing Homes |
| 02/2020 | AMUNDI PRIVATE EQUITY / SOCIETE GENERALE CAPITAL PARTENAIRES | VIVALTO VIE | FRANCE | Nursing Homes |
| 02/2020 | VIVALTO VIE | SOLIMAR | SPAIN | Nursing Homes |
| 01/2020 | ARDIAN | SANTE CIE | FRANCE | Health Providers |
| 01/2020 | VIVALTO SANTÉ | MATHILDE MÉDICAL DÉVELOPPEMENT | FRANCE | Clinics / Hospitals |
| 12/2019 | CIRCLE HEALTH | BMI HEALTHCARE | UNITED KINGDOM | Clinics / Hospitals |
| 07/2019 | I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENT | DOMIDEP | FRANCE | Nursing Homes |
| 07/2019 | TRITON PARTNERS | ALERIS | SWEDEN | Clinics / Hospitals |
| 07/2019 | NAXICAP PARTNERS / ARDIAN | EMERA | FRANCE | Nursing Homes |
REFERENCES
Valuation range: EV €300–700M
EBITDA range: €10–30M
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 Inicea by Clariane 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.
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