KOS GROUP
Acquired by
CIR - COMPAGNIE INDUSTRIALI RIUNITE
KOS GROUP acquired by CIR - COMPAGNIE INDUSTRIALI RIUNITE
Target
KOS GROUP
Acquirer
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.
KOS GROUP, which reported an EBITDA margin of LOGIN in 2024, 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
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
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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 KOS GROUP
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2016 | F2I SGR / CIR - COMPAGNIE INDUSTRIALI RIUNITE | KOS GROUP | ITALY | Health Providers | CIR and F2i have signed an agreement to acquire the 46.7% stake in KOS Group previously held by Ardian. The strategic rationale for the transaction is to resolve the future ownership structure of the group, allowing CIR to maintain long-term industrial control while enabling Ardian to exit after a six-year investment cycle. Under the agreement, F2i enters as a major strategic partner, acquiring a 37.3% stake, while CIR increases its majority position from 51.3% to 62.7%. This partnership combines CIR’s historical industrial knowledge of KOS with F2i’s infrastructure investment capabilities. The new governance framework includes a shareholders' agreement that grants F2i significant participation in strategic management and board representation. The transaction solidifies KOS’s capital base, providing the necessary stability to continue its expansion in the specialized rehabilitation and elderly care markets both in Italy and internationally. |
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).
Press release: view release
Acquirer: cir - compagnie industriali riunite