Sweden’s EQT has entered into exclusive negotiations with IK Investment Partners to acquire French nursing homes business Colisée Group. Financial details were not disclosed.
Founded in 1976 and headquartered in Paris, Colisée has been held by IK since 2017, when the buyout firm acquired it for €236m from Eurazeo. Since then, the company has grown its footprint, expanding its presence in Spain and entering the Belgian market, IK said.
The company currently operates 270 nursing homes as well as assisted-living facilities and home care services agencies across France, Belgium, Spain and Italy. Colisée employs more than 16,000 people and has a turnover exceeding €1bn, EQT said in a statement, adding the investment is expected to help Colisée in its “pursuit of new growth opportunities in current and new markets”.
The deal comes at a time when the European long term care industry still tries to recover from the Covid-19 crisis. In some EU countries, the proportion of coronavirus-related deaths in these facilities has exceeded 60%, according to a report by the European Centre for Disease Prevention and Control (ECDC).
EQT declined to comment and IK was not immediately available.
The transaction is still subject to the firm’s consultation process as well as antitrust and potential foreign investment clearances, the firms said.
Source: Private Equity News
