mynth
02/2021

WINNCARE acquired by SIPAREX

FRANCE Life Sciences / Medical Devices EV 100M - 350M EUR

Context

Siparex ETI has entered into exclusive negotiations to acquire a majority stake in Winncare, marking the first investment of its Siparex ETI 5 fund. This transaction follows a successful period of ownership by IDI, which originally took control of the group in 2014 and supported a doubling of the company,s size through international expansion. In this new capital structure, IDI is exiting its majority position but remains a minority investor, alongside the management team led by President Philippe Chêne, who continues to drive the group,s strategic vision. The primary rationale for this LBO is to provide Winncare with the financial resources to act as a "natural consolidator" in the fragmented European medical equipment market. Under Siparex,s sponsorship, the group intends to accelerate its international deployment and prioritize the roll-out of new high-tech offerings, such as connected fall-prevention systems and modernized clinical bed ranges. The deal leverages the positive demographic trends of the "Silver Economy," focusing on high-quality care for the elderly. Furthermore, the partnership is built on shared values of corporate social responsibility, with a clear objective to transition Winncare into a mission-driven enterprise (entreprise à Mission), focusing on the social impact of its healthcare solutions and the professionalization of the caregiving sector.

WINNCARE, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Winncare is a leading European manufacturer of medical devices specifically designed for the care of individuals with loss of autonomy. The company,s product portfolio includes high-tech anti-bedsore mattresses, medicalized beds, and patient-handling solutions aimed at improving the quality of life for the elderly and those in rehabilitation. Operating with an industrial business model, Winncare supplies its essential medical equipment to nursing homes, hospitals, and home-care providers globally. Its value proposition is built on technical innovation and the reliability of its "first-necessity" products, which address the growing healthcare demands of an aging global population. The group,s strategy centers on being a consolidation platform in the specialized medical furniture market, leveraging a robust R&D pipeline to maintain regulatory compliance and clinical efficacy. By integrating digital solutions into its hardware, Winncare ensures better patient monitoring and caregiver efficiency. The company maintains a strong international presence, focusing on expanding its manufacturing and distribution footprint across Europe and North America through both organic innovation and strategic industrial acquisitions.

Ent. Value

Equity Value

Multiples

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EV / EBIT

Historical Financials (EUR)

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EBITDA
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2019

Other operations with WINNCARE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
03/2026SIPAREXWINNCAREFRANCEMedical Devices
12/2021WINNCAREPHARMAOUEST INDUSTRIESFRANCEMedical Devices

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 50M - 100M EUR

EBITDA range: 5M - 25M EUR

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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: winncare

Acquirer: siparex