mynth
01/2020

SANTE CIE acquired by ARDIAN

FRANCE Health Providers EV 500M - 1.5b EUR

Context

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 in 2019, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Healthcare & Pharma sector (15.6x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Sante Cie is the 3rd largest provider of home healthcare services (PSAD - Prestation de SanteaDomicile) in France. Through its networks, Elivie and Asdia, it supports over 150,000 patients annually across 80 agencies. It specializes in complex home treatments including perfusion, nutrition, insulin pumps, Parkinson s treatment, and respiratory assistance.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
2018

Similar deals in Health Providers

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
02/2020VIVALTO VIESOLIMARSPAINNursing Homes
02/2020CLARIANEINICEAFRANCEClinics / Hospitals
01/2020VIVALTO SANTÉMATHILDE MÉDICAL DÉVELOPPEMENTFRANCEClinics / Hospitals
12/2019CIRCLE HEALTHBMI HEALTHCAREUNITED KINGDOMClinics / Hospitals
07/2019NAXICAP PARTNERS / ARDIANEMERAFRANCENursing Homes
07/2019I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENTDOMIDEPFRANCENursing Homes
07/2019TRITON PARTNERSALERISSWEDENClinics / Hospitals
04/2019COLISÉEARMONEABELGIUMNursing Homes
03/2019DOMUSVIRESIDALYAFRANCENursing Homes
01/2019HUMANACORONARIA HOIVAFINLANDNursing Homes

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 150M - 250M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SANTE CIE by ARDIAN 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

Target: sante cie

Acquirer: ardian