WINNCARE acquired by SIPAREX

Siparex has reaffirmed its commitment to Winncare by leading a quaternary LBO to retain control of the medical device manufacturer. This transaction allows Siparex, which originally acquired the company in 2021 via its ETI 5 fund, to extend the maturity of its investment while slightly increasing its ownership stake alongside the management team led by President Laurent Faugères. The deal marks a significant restructuring of the minority capital: IDI, which had been an investor since 2014, and Capza have both exited their positions. They are replaced by Kartesia, which entered the capital through a combination of equity and mezzanine debt after a competitive process managed by the investment bank Amala. The strategic rationale for this "prolongation" is driven by Winncare,s strong performance, having doubled its revenue from €75M to €150M in the last five years through a successful buy-and-build strategy involving four acquisitions. The new capital structure is designed to provide the group with the financial flexibility to launch a new phase of consolidation in Europe and North America. The deal is supported by a new senior debt package provided by Crédit Agricole CIB, while historical minority partners BNP Paribas Développement and Crédit Agricole have maintained their stakes. This operation highlights the "essential" nature of Winncare,s products in a market characterized by high demand for elderly care solutions and professionalized home-care equipment.

In the past, the company underwent an LBO led by Siparex in 2021, and continued an active consolidation strategy by notably acquiring Pharmaouest Industries (2021).