Ardian acquired a majority stake in Sante Cie from HLD and UI Gestion, who had controlled the company since 2015. Both HLD and UI Gestion reinvested significant capital alongside Ardian and the management team to support the next phase of growth. The transaction was designed to provide the group with the "firepower" to lead the consolidation of the fragmented French Home Healthcare market and to begin a pan-European expansion. The investment thesis focused on demographic tailwinds (aging population) and the structural shift in healthcare systems toward reducing hospital stays by favoring home-based medical support.

SANTE CIE, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 13.4x average currently observed in the Healthcare & Pharma sector.

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