Médi-Partenaires

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.

THE EXIT

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