Kos Group acquired by Cir - Compagnie Industriali Riunite
Context
CIR has signed a binding agreement to acquire the remaining 40.23% stake in KOS Group from F2i Healthcare (controlled by F2i Sgr and its co-investors), moving to 100% ownership. The strategic rationale for the transaction is to consolidate full industrial control over CIR's most strategic asset, enabling simplified governance and a more agile execution of KOS's expansion plans in Italy and Germany. By deploying its available cash reserves, CIR eliminates minority leakage and positions itself to capture the full upside of KOS’s performance recovery. The deal structure includes a potential earn-out based on future performance thresholds and an anti-embarrassment clause valid through mid-2028. This move marks the successful exit of the financial partner after a nine-year investment cycle and reinforces CIR’s long-term commitment to the healthcare infrastructure sector as its primary growth engine.
In the past, Kos Group underwent an LBO led by F2I SGR / Cir - Compagnie Industriali Riunite in 2016.
Kos Group, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the Healthcare & Pharma sector (14.5x in 2025).
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Target
Founded in 2002, KOS Group is a leading European healthcare provider specializing in long-term care, social-health services, and chronic care management. The company’s business model is diversified across three primary pillars: nursing homes (Residenze Sanitarie Assistite - RSA), functional and psychiatric rehabilitation centers, and specialized hospital services including diagnostic imaging and cancer care. Strategically, the organization operates a dual-country platform with a significant presence in Italy and Germany, managing over 13,000 beds across its facility network. Its value proposition is built on the integration of high-quality clinical protocols with efficient infrastructure management, catering to the rising demand for geriatric and rehabilitative care in aging European demographics. By combining private-pay services with accredited regional healthcare systems, the group maintains a resilient revenue profile underpinned by essential long-term healthcare infrastructure.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Kos Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2016 | F2I SGR / CIR - COMPAGNIE INDUSTRIALI RIUNITE | KOS GROUP | ITALY | Nursing Homes |
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REFERENCES
Valuation range: EV €1–10bn
Revenue range: €450–900M
EBITDA range: €100–200M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Kos Group by Cir - Compagnie Industriali Riunite 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
Acquirer: cir - compagnie industriali riunite
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