Realized Investments

 

 

Générale de Santé

Established in 1987, Générale de Santé (“GDS”) is a company listed on the Eurolist Market in Paris, market leader in private healthcare in France. The GDS structure includes a total of 75 clinics. In 2013 the GDS Group sales reached 1.9 billion Euro, reporting EBITDA of 226 million Euro.

In 2007 DeA Capital S.p.A. through its wholly owned Group subsidiary company DeA Capital Investments S.A., has completed the purchase of an investment of 347 million Euro, equivalent to 43% of the company share capital, in Santé S.A. (Santé Luxembourg). Santé Luxembourg is the controlling shareholder, directly and via Santé Developpement Europe S.A.S. (“SDE”) of GDS.
Santè’s other main shareholders were Antonino Ligresti through Santé Holding Srl and Mediobanca.

In October 2014 Santé SA sold its 83.43% stake of Générale de Santé to Ramsay Health Care and Crédit Agricole, at a price of 16.75 euro per share, cum dividend. Following the transaction, the buyers are to launch a tender offer for the entire share capital of Générale de Santé, in accordance with French law.

Santé and SDE have received a total of approximately EUR 788 million including the dividend, which will be used partly to repay the two companies' financial debt and partly to distribute cash to shareholders. The estimated net proceeds for DeA Capital, as a result of the deal, will be approximately EUR 170 million.

 

www.generale-de-sante.fr

Générale de Santé (83.4%-owned by parent company Santé SA)

Générale de Santé (EUR million)20132012% chg.
Revenues 1.8701.929-3,1
EBITDAR 383394-2,8
EBITDA226240-5,8
Recurring operating profit104115-9,4
Group net profit 11156n.s.
Net financial debt(610)(769)+159 mn

Carrying value of DeA Capital’s holding in Santé SA (43%) at 31 December 2013: EUR 221.2 million.

Générale de Santé Videos