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.

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.