Médi-Partenaires is a French group of private clinics focused on medicine, surgery and obstetrics.

Equistone led the spin-out of Médi-Partenaires from Universal Health Services, a US hospital group, alongside Cobalt Capital and Sagard. Subsequently, Equistone and the management team led a restructuring and refinancing of the group two years later. This transaction introduced LBO France as the new majority investor.

VALUE CREATION

Since investment, Médi-Partenaires has become the third leading provider of private healthcare in France with a total of 36 institutions including 25 private clinics. The group has demonstrated impressive growth, with turnover increasing from €228m in 2005 to €552m in 2013.

Equistone has worked alongside the management team to support:

• The group’s continued buy-and-build strategy with the acquisition of 10 clinics and two divestments;
• The improvement of its financial structure, as a result of the sale of property leases followed by a high yield refinancing;
• The maintaining of one of the highest EBITDAR margin in the sector.

EXIT

Equistone sold its investment in Médi-Partenaires through a merger with Médipôle Sud Santé, thereby creating the number two player in private hospitals in France.

Domus Vi specialises in the care of the elderly and was the fourth largest player in the French market with over 4,500 beds under management in 2003.

Furthermore, the company managed 57 homes for the elderly and agencies for domiciliary care.

VALUE CREATION

During the investment period, Domus Vi has expanded all its activities with:

• The acquisition and integration of a further eight care homes for the elderly;
• The establishment of a further five private clinics;
• The domiciliary care business (‘agences d’aide a domicile’) being boosted in 2004 by a change in legislation.

EXIT

Equistone sold its equity stake to Yves Journel and Domus Vi minority shareholders.