Secondary Buyout • Healthcare Services

CVC Capital Partners Acquires Elsan

On June 23, 2014, private equity firm CVC Capital Partners acquired healthcare services company Elsan from NiXEN Partners and 3i Private Equity

Acquisition Context
  • This is CVC Capital Partners’ 4th transaction in the Healthcare Services sector.
  • This is CVC Capital Partners’ 10th transaction in France.
Investment Fate
  • Elsan was sold to a consortium of financial buyers in 2020.

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M&A Deal Summary

Date June 23, 2014
Target Elsan
Sector Healthcare Services
Buyer(s) CVC Capital Partners
Sellers(s) NiXEN Partners
3i Private Equity
Deal Type Secondary Buyout
Advisor(s) Societe Generale Corporate & Investment Banking (Financial)

Target Company

Elsan

Paris, France
Elsan is a healthcare services provider operating 128 clinics treating more than 2 million patients every year. Elsan specializes in medicine, surgery, obstetrics, and other medical services (dialysis, post-acute rehabilitation, imaging & radiotherapy, and home hospitalization). Elsan was founded in 2000 and is based in Paris, France.
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Buyer Overview 1

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


Deal Context for Buyer #
Overall 166 of 329
Sector: Healthcare Services 4 of 14
Type: Secondary Buyout 26 of 78
Country: France 10 of 17
Year: 2014 7 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-16 Advantage Solutions

Clayton, Missouri, United States

Advantage Solutions is a business solutions provider committed to driving growth for consumer goods manufacturers and retailers through winning insights and execution. Advantage’s data and technology-enabled omnichannel solutions including sales, retail merchandising, business intelligence, digital commerce, and a full suite of marketing services are designed to help brands and retailers across a broad range of channels drive consumer demand, increase sales and achieve operating efficiencies. Headquartered in Irvine, California, Advantage has offices throughout the United States and Canada and a presence in select markets throughout Africa, Asia, Australia and Europe. Advantage Solutions was founded in 1987 and is based in Clayton, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-05 Zena Group

Aravaca, Spain

Zena Group is a casual dining and fast-food restaurant group, composed of a mix of owned brands such as Foster's Hollywood, Canas y Tapas, Il Tempietto, Nostrus, La Vaca Argentina (a recently acquired leading chain in the Steak House segment) and franchises, including Burger King, Pizza Hut and Kentucky Fried Chicken. Zena Group is based in Aravaca, Spain.

Sell €270M

Seller Profiles 2

SELLER

NiXEN Partners

Paris, France

Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

NiXEN is a French private equity group that targets investments in middle-market companies valued between €30 and €300 million. iXEN looks to invest €20 to €25 million of equity capital to support management buyouts/buy-ins, leveraged build-ups, owner buy-outs (OBOs), and public to private deals. The Firm is a 'hands-on' investment group and will consider opportunities in a variety of sectors, including manufacturing, consumer goods, specialist retailing, restaurants, and services. iXEN is supported by Natixis Private Equity and was formerly known as Natexis Industrie. The Firm was formed in 1998 and is based in Paris.


Deal Context for Seller #
Overall 18 of 28
Sector: Healthcare Services 1 of 2
Type: Secondary Buyout 11 of 17
Country: France 17 of 27
Year: 2014 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-10 Carre Blanc

Roanne, France

Carre Blanc is a specialist retailer of household linen (bed, bathroom, and table linen) in the mid to high-end range. The group sells its products through over 250 owned or franchised outlets. Carre Blanc was founded in 1982 and is based in Roanne, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-08 CTM Style

Caluire, France

CTM Style is a manufacturer and distributor of nightwear for men, women, and children.

Sell -
SELLER

3i Private Equity

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1945
PE ASSETS 21.0B GBP
Size Mega
Type Sector Agnostic
DESCRIPTION

3i Private Equity is the private equity arm of 3i Group, a publicly held, global investment firm focused on private equity and infrastructure investing. 3i Private Equity generally targets buyout and growth capital financings and looks for opportunities across Europe, North America, and Asia. The Firm's targeted transaction range is €100 to €500 million. Industries of interest include business services, healthcare, consumer, media, oil/gas & power, technology, and financial services. 3i Group was originally formed in 1945 and is based in London.


Deal Context for Seller #
Overall 154 of 196
Sector: Healthcare Services 8 of 9
Type: Secondary Buyout 64 of 83
Country: France 16 of 21
Year: 2014 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-29 Hilite International

Cleveland, Ohio, United States

Hilite manufactures hydraulic drives and timing systems for the automotive industry. The products are used in engines, transmissions and exhaust systems for passenger cars and commercial vehicles. Hilite manufactures progressive powertrain products and emission systems that help to improve fuel consumption and to reduce emissions. Its customers include leading international car and truck manufacturers.

Sell €473M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-30 Foster + Partners

London, United Kingdom

Foster + Partners have been designing iconic structures that have inspired the world for over four decades. The world's most recognised name in global architecture and design, employs around 1000 highly talented and dedicated staff in its 18 offices around the world with its main studio in London. The practice’s work ranges in scale from the largest construction project on the planet - Beijing International airport - to its smallest commission, a range of door handles. The scope of its work includes masterplans for cities, the design of buildings, interior and product design.

Sell -