| LONDON, April 27
LONDON, April 27 Bankers are working on debt
financings of around €1.1bn to back a potential sale of French
nursing home company DomusVi, banking sources said on Thursday.
HomeVi, the holding company of DomusVi, announced on April
19 that its controlling shareholder PAI Partners had begun
examining a range of strategic option including a potential sale
and an initial public offering, with the process set to last no
longer than 12 months.
PAI Partners is in the process of hiring advisers, banking
An exit comes less than three years after PAI Partners’
acquisition in September 2014, when the company was valued at
€639m, according to the buyout firm’s website.
The sale is set to attract a number of interested buyers,
the bankers added.
“The process is set to kick off very shortly. They’ve just
hired advisers and information will go out soon,” a senior
Some €1.1bn of debt financing equates to around 6.5 times
Domus Vi’s approximate €180m Ebitda, the sources said.
Leveraged loans and high yield bonds are both expected to be
on offer from financing banks, the sources added.
PAI Partners declined to comment and HomeVi was not
immediately available to comment on the financing.
“This is a good debt story. It is a sector that people like
and DomusVi has quite good exposure to the wealthy part of
France in the North West and Paris. As for the equity story,
there is still some consolidation to be done,” a second banker
DomusVi provides services to 40,000 residents and customers
in 315 nursing homes, 16 residential facilities, five mental
care facilities and 48 home care agencies throughout France,
Spain and China. The group employs more than 28,000 people.
(Editing by Christopher Mangham)