Context

Vivalto Santé completed its third LBO, with Vivalto Partners — Daniel Caille's newly created investment management vehicle — taking control of the group. IK Partners joined as a key new minority shareholder alongside a broad consortium of reinvesting French institutional investors and the Bpifrance-Mubadala sovereign duo. The transaction is notably characterised by a strong medical and employee shareholder component, with approximately 1,000 physicians and ultimately 35% of employees targeted as co-investors. The financing structure comprises a Term Loan B and a revolving credit facility, supplemented by subordinated instruments arranged by Hayfin.

Target

Vivalto Santé is a leading French private hospital and clinic group, founded in 2009 by Daniel Caille and a group of physicians, operating under a distinctive "third way" governance model that associates medical professionals and financial investors under a shared ownership and decision-making structure. The group has grown rapidly through an active acquisition strategy.