Senior lenders have taken control of Colisée from EQT after backing a restructuring plan that cuts the French elderly care operator’s debt and provides fresh capital to stabilise the group, according to Bloomberg.

The agreement reduces total net debt by about one-third to €1.2bn and injects €285m of new financing. The deal also extends the maturity of Colisée’s senior facilities to 2031. Almost all financial creditors approved the plan, which follows months of negotiations triggered by a missed interest payment earlier this year.

CVC Credit, KKR, Blackstone, and HIG Capital were among the lenders steering the restructuring. The creditor-led recapitalisation ends EQT’s ownership of Colisée, which it acquired in 2020. EQT had tabled a competing proposal involving new equity and a partial write-off, but it failed to gain creditor support.

Chief executive Arnaud Marion will continue in his role under the new ownership. Colisée, Europe’s fourth-largest elderly care provider, expects to complete the restructuring by April 2026 through an accelerated safeguard proceeding in the French courts.

The takeover highlights how private credit funds are increasingly dictating outcomes in stressed European healthcare deals, as rising rates and delayed asset sales push leveraged operators into complex recapitalisations.

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