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 [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).
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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
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Health Providers
Similar deals in Health Providers
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2020 | AMUNDI PRIVATE EQUITY / SOCIETE GENERALE CAPITAL PARTENAIRES | VIVALTO VIE | FRANCE | Nursing Homes |
| 02/2020 | VIVALTO VIE | SOLIMAR | SPAIN | Nursing Homes |
| 01/2020 | VIVALTO SANTÉ | MATHILDE MÉDICAL DÉVELOPPEMENT | FRANCE | Clinics / Hospitals |
| 12/2019 | CIRCLE HEALTH | BMI HEALTHCARE | UNITED KINGDOM | Clinics / Hospitals |
| 07/2019 | I SQUARED CAPITAL / UI INVESTISSEMENT / BNP PARIBAS DEVELOPPEMENT | DOMIDEP | FRANCE | Nursing Homes |
| 07/2019 | NAXICAP PARTNERS / ARDIAN | EMERA | 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 |
Other operations with ARDIAN
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2026 | ARDIAN | Munich Electrification | GERMANY | Batteries & EV Tech |
| 07/2026 | ARDIAN | Pflegia | GERMANY | Recruitment / Headhunting |
| 07/2026 | ARDIAN / EURAZEO / UBS | HR PATH | FRANCE | ERP, HR & Finance |
| 01/2026 | ARDIAN | IVB Wellness Lab | SPAIN | Nutrition & Dietary Supplements |
| 12/2025 | ARDIAN | Fermax | SPAIN | Safety & Security |
| 07/2025 | ARDIAN | Dovida | SWITZERLAND | Outpatient Care |
| 05/2025 | ARDIAN | MasterGrid | FRANCE | Electrical |
| 03/2025 | ARDIAN | AKUO | FRANCE | Renewables |
| 03/2025 | ARDIAN | DIOT-SIACI | FRANCE | Brokerage |
| 01/2025 | ARDIAN / EURAZEO / ASTORG | SYCLEF | FRANCE | HVAC (Heating/AC) |
REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €150–250M
EBITDA range: €50–100M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 15x - 25x
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