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.

VIVALTO SANTÉ, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the average currently observed in the Healthcare & Pharma sector (13.3x).

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