Ramsay Health Care, Australia’s largest private hospital operator, said on June 11 that it had signed a contract to purchase a 57% stake in Generale de Sante in a deal valuing France’s largest hospital group at €945m. Meanwhile, Icade has bought properties from two big hospital groups.
The purchase will make Ramsay France’s largest private hospital operator with 101 hospitals and 15,400 beds. Credit Agricole’s Predica, Ramsay’s investment partner since its entry to France is to buy the remainder.
Meanwhile, Capio France has sold seven hospital properties for €300m to Icade on 12-year fixed-term leases. Upon completion, Icade Santé will have 69 establishments and a portfolio of €2.25bn.
Medi-Partenaires, which is now owned by Bridgepoint, is also selling three hospitals to Icade for €71m.
The last month has seen the completion of three years’ worth of deals in France.
Stephane Pichon, at Your Care Consult, says the rush reflects the return of bank debt. He suggests that the new deals will lead to serious investment in the private sector. “Typically, private equity buyers such as CVC with Vedici, PAI at Domus Vi and Bridgepoint with Medipole/Medi-Partenaires will look to double EBITDA over 3-4 years.”
Source: Healthcare Europe / November 3rd 2014