HomeVi S.A.S. today announced that its subsidiary GeriaVi S.L. has entered into a definitive agreement to acquire the business of SARquavitae group in a transaction valuing SARquavitae at c. €440 million on an enterprise basis. The closing of the acquisition is subject to receipt of antitrust clearance from the European Commission and satisfaction of customary closing deliverables and is expected to close in the first quarter of 2017. HomeVi intends to finance the acquisition with a combination of new equity from its shareholders and debt financing.
SARquavitae is one of the leaders of elderly care services in Spain through its various divisions including nursing homes, telecare, home care and to a lesser extent in rehabilitation. SARquavitae manages 88 facilities with approximately 11,000 beds, with pro forma revenues of €310 million and a pro forma EBITDA margin of 9.4% in fiscal year 2015. SARquavitae, founded by Mr. Higinio Raventós Negra, has grown rapidly over the last few years through greenfield creations and acquisitions.
Combining HomeVi's Spanish elderly care business Geriatros with SARquavitae will create an industry leader in Spain and enhance HomeVi's diversification as a group with balanced exposure to the French and Spanish elderly care markets. Following the transaction, HomeVi expects its net leverage ratio for the twelve months ended June 30, 2016 to be approximately 6.0x, about the same placement of the ratio recorded immediately following HomeVi's acquisition of the Geriatros group in 2015.
For further information, please contact:
HomeVi S.A.S.
1 rue de Saint-Cloud,
F 92150 Suresnes
France
Laurent Thibeau, Chief Financial Officer, lthibeau@domusvi.com
This announcement contains inside information of HomeVi S.A.S. under Regulation (EU) 596/2014 (16 April 2014).
DomusVi Group at a glance
DomusVi is the 3rd largest provider of services to elderly people in France and in Spain. It provides a full range of services, with 227 nursing homes, 16 residential facilities, 4 mental care facilities, 47 home care agencies (of which 20 home care nursing services) throughout France and Spain. The Group employs more than 16 000 people.
www.domusvi.com
About HomeVi
HomeVi is a Holding company which holds 100% of DomusVi. HomeVi is owned by funds managed or advised by PAI partners, by DV France (the holding company of DomusVi founder Yves Journel), and by funds advised or managed by ICG.
