PARIS, 26 May 2011 — TBU-3 International SA, controlled by funds advised by BC Partners, announced the sale, at €161per share, of a 9.5% stake in Médica (MDCA FP) to a subsidiary of Batipart, a real estate and healthcare investment company, and of an 18.6% stake to several entities of Covéa group. Funds advised by BC Partners retain a circa 3% shareholding.
Médica, a leading provider of long and short-term dependency care in France and Italy has nearly doubled its turnover since its 2006 acquisition by funds advised by BC Partners, translating into an average growth of 15% per annum. Over the same period, Médica’s headcount increased from c. 4,350 to 7,900. Over the last five years, the team led by Jacques Bailet and Christine Jeandel developed the Group by successfully implementing a strategy of profitable growth, combining organic and external growth. As a result, the Group added 83 new sites to its network of homes and centres in France and Italy and increased its capacity by 6,000 beds. Médica currently operates 186 facilities and 14,300 beds.
In 2010, Médica was one of the few companies which managed to IPO successfully on the NYSE Euronext Paris Stock Exchange despite challenging market conditions. Since then, its shareholders have benefited from a stock price increase of more than 13.8%2. The flotation strengthened the Group’s financial structure and provided it with significant resources to finance further growth. In addition, an employee shareholding programme has been successfully implemented with over 3,000 participants.
"We want to take this opportunity to thank Médica's management for significantly developing the company over the past five years, enabling a successful IPO, establishing its credibility in financial markets and positioning Médica to continue on its solid track record of growth. The funds advised by BC Partners are pleased by the performance of this investment in the context of challenging and volatile capital markets over the period," said André François-Poncet and Jean-Baptiste Wautier, Managing Partners at BC Partners.
BC Partners is a leading international private equity firm with advised funds of approximately €10 billion. Established in 1986, the firm operates as an integrated team through offices in Europe and North America to acquire and develop businesses and create value in partnership with management. Since inception, BC Partners has made 77 investments with a total enterprise value of approximately €70 billion. Its track record in healthcare related investments includes MultiPlan, Synlab, Médica, Centro Medico Teknon, Hirslanden, and General Healthcare Group.
More information about BC Partners can be found at www.bcpartners.com.
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1Ex 2010 dividend, of which 50% will be retained by the vendor.
2Based on the closing price as of 24 May 2011.