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03/2016Majority

F2I SGR / Cir - Compagnie Industriali Riunite take majority stake in Kos Group

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

Context

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.

Kos Group, which reported an EBITDA margin of [members only] in 2015, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

-> Deep-dive in Healthcare & Pharma market trends

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

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2015
€250–500M
€50–100M
[members only]
2014
€250–500M
€50–100M
[members only]

Other operations with Kos Group

Other operations with Kos Group
DateAcquirerTargetCountrySector
11/2025CIR - COMPAGNIE INDUSTRIALI RIUNITEKOS GROUPITALYNursing Homes

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05/2015CINVENLABCOFRANCELabs (Biology)
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REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €250–500M

EBITDA range: €50–100M

EV/Revenue range: 1x - 3x

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 Kos Group by F2I SGR / 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 / f2i sgr

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Kos Group, an Italian company specialised in Healthcare Facilities, by F2I SGR and Cir - Compagnie Industriali Riunite in 2016. Ownership has since evolved, leading to a subsequent transaction with Cir - Compagnie Industriali Riunite in November 2025 (see the dedicated deal page for details).

How was the acquisition of Kos Group by F2I SGR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Kos Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Kos Group generated annual revenue estimated in the €250–500M range and EBITDA in the €50–100M bracket (FY 2015). Detailed financial figures are available to members.

How does the valuation of Kos Group compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 10x - 18x in 2016, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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