SANTE CIE acquired by ARDIAN
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)
Similar deals in Health Providers
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2020 | VIVALTO VIE | SOLIMAR | SPAIN | Nursing Homes |
| 02/2020 | CLARIANE | INICEA | FRANCE | Clinics / Hospitals |
| 01/2020 | VIVALTO SANTÉ | MATHILDE MÉDICAL DÉVELOPPEMENT | FRANCE | Clinics / Hospitals |
| 12/2019 | CIRCLE HEALTH | BMI HEALTHCARE | UNITED KINGDOM | Clinics / Hospitals |
| 07/2019 | NAXICAP PARTNERS / ARDIAN | EMERA | FRANCE | Nursing Homes |
| 07/2019 | I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENT | DOMIDEP | FRANCE | Nursing Homes |
| 07/2019 | TRITON PARTNERS | ALERIS | SWEDEN | Clinics / Hospitals |
| 04/2019 | COLISÉE | ARMONEA | BELGIUM | Nursing Homes |
| 03/2019 | DOMUSVI | RESIDALYA | FRANCE | Nursing Homes |
| 01/2019 | HUMANA | CORONARIA HOIVA | FINLAND | Nursing 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