M&A Deal Summary

KKR, Ardian and Merieux Equity Partners Acquire Elsan

On July 17, 2020, private equity firm KKR, private equity firm Ardian and growth capital firm Merieux Equity Partners acquired healthcare services company Elsan from CVC Capital Partners

Acquisition Highlights
  • This is KKR’s 15th, Ardian’s 13th and Merieux Equity Partners’ 2nd transaction in the Healthcare Services sector.
  • This is KKR’s 13th, Ardian’s 167th and Merieux Equity Partners’ 7th transaction in France.

M&A Deal Summary

Date 2020-07-17
Target Elsan
Sector Healthcare Services
Buyer(s) KKR
Ardian
Merieux Equity Partners
Sellers(s) CVC Capital Partners
Deal Type Secondary Buyout

Target

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(S) 3

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 357 of 483
Sector (Healthcare Services) 15 of 16
Type (Secondary Buyout) 70 of 107
Country (France) 13 of 17
Year (2020) 29 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-14 GreenCollar

The Rocks, Australia

GreenCollar is an environmental markets project developer and investor across the carbon, water quality, biodiversity, and plastics markets in Australia. As a certified B corporation and provider of environmental initiatives that reduce the impact of climate change, GreenCollar’s core business directly contributes toward SDG 13 (Climate Action) and supports other sustainable goals, including SDG 15 (Life on Land) and SDG 14 (Life Below Water). GreenCollar was founded in 2008 and is based in The Rocks, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-29 Papresa

Errenteria, Spain

Papresa is a producer of newsprint in Southern Europe, in order to execute a comprehensive industrial transformation plan towards new growing products, such as fluting paper for packaging. Papresa was founded in 1868 and is based in Errenteria, Spain.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 368 of 418
Sector (Healthcare Services) 13 of 15
Type (Secondary Buyout) 117 of 137
Country (France) 167 of 185
Year (2020) 10 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-01 KP1

Avignon, France

KP1 is a French manufacturer of high performance prefabricated concrete products, focusing on floors and structural systems for the building industry. KP1 is headquartered in Avignon, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-28 Numberly

Paris, France

Numberly specializes in interactive advertising and marketing. It provides optimize their advertising and marketing campaigns on interactive media (Internet, Mobile, etc.). The company is listed on Alternext. Numberly was founded in 2000 and is based in Paris, France.

Sell -
Buyer

Merieux Equity Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2009
PE ASSETS 1.3B EUR
Size Large
Type Sector Focused
DESCRIPTION

Mérieux Développement SAS is a venture and growth capital investment firm associated with family holding company Institut Mérieux. The Firm focuses on the health and nutrition sectors and will consider opportunities throughout North America and Europe. Mérieux Développement SAS was established in 2009 and is headquartered in Lyon, France.


DEAL STATS #
Overall 13 of 20
Sector (Healthcare Services) 2 of 2
Type (Secondary Buyout) 5 of 6
Country (France) 7 of 12
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-11 Addmedica

Neuilly sur Seine, France

Addmedica is a pharma company focused on developing and marketing medical products for rare diseases and niche markets. Addmedica is based in Neuilly sur Seine, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-11 Laboratoires CTRS

Boulogne-Billancourt, France

Laboratoires CTRS is a French pharmaceutical company focused on developing and marketing drugs for rare diseases and with a strong and growing international presence. Its main areas of expertise are Hereditary metabolic diseases and Oncology-haematology-immunology. Laboratoires CTRS was founded in 2002 and is based in Boulogne-Billancourt, France.

Buy -

Seller(S) 1

SELLER

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 STATS #
Overall 148 of 173
Sector (Healthcare Services) 5 of 5
Type (Secondary Buyout) 35 of 42
Country (France) 9 of 10
Year (2020) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-17 Genetic

Fisciano, Italy

Genetic is an integrated pharmaceutical company focused on the research, development, manufacturing, licensing, and promotion of pharmaceutical specialties and medical devices. Its primary expertise is in the development of respiratory and ophthalmology products which are delivered via unit-dose Blow-Fill-Seal technology, pressurized Metered Dose Inhalers, nasal sprays, and eye drop/collyrium technologies. Genetic's products are commercialized by a network of blue-chip pharma partners internationally as well as by its own distribution arm (Max Farma) in Italy, often under well-recognized local brand names. Genetic is based in Fisciano, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-25 SOHO Global Health Group

Jakarta, Indonesia

SOHO Global Health is a domestic player in the Indonesian branded consumer health / over the counter pharmaceutical sector, focusing on herbal medicine supplements in Indonesia. The business also wholly owns the fifth largest pharmaceutical distributor in the country, selling both Soho’s owned products and third-party principal brands. SOHO Global Health Group was founded in 1946 and is based in Jakarta, Indonesia.

Buy -