Context

Amundi PEF acquired a minority but leading stake in Vivalto Vie from Azulis Capital, which had been the group's largest shareholder since 2015 with approximately 35% of the capital. The sale process was mandated to Natixis Partners and Azulis Capital exited at a multiple exceeding 3x its initial investment. Société Générale Capital Partenaires entered the shareholder structure alongside Amundi PEF, while BNP Paribas Développement and Socadif retained small existing positions. Operational control of the group remains with Vivalto Partners. The transaction was financed through a unitranche facility provided by Ardian and a PIK instrument from CIC Private Debt and BNP Paribas PI, totalling €100 million, complemented by an €80 million capex line to support the group's development pipeline. Simultaneously with the LBO, Vivalto Vie completed the acquisition of Solimar in Spain, marking its first international expansion.

Target

Vivalto Vie is a French nursing home operator historically concentrated in the north-west of France, managing numerous facilities . A distinctive feature of Vivalto Vie is its property ownership model — the group owns its real estate assets, which significantly enhances its balance sheet value but also adds operational complexity in the context of a PE transaction. The group has embarked on a European expansion strategy, with Spain as its first international market.