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LONDON (Alliance News) - 3i Group PLC Wednesday said it has sold its stake in private acute care company Vedici to private equity firm CVC Capital Partners, at a 43% uplift to the value recorded at the end of March earlier this year.
In a statement, the investment manager, which exited the investment alongside the funds it manages, said it will receive about GBP85.0 million from the deal.
According to 3i, Vedici founders Jérôme Nouzarède and Michel Bodkier, as well as the company's managers, will increase their shareholding alongside CVC.
3i Group, and funds managed by 3i, invested in Vedici in 2010. The investment manager said Vedici has since become the fourth largest provider of private acute care in France.
Vedici now operates a about 4,500 beds across 35 private hospitals and rehabilitation centres, compared with 2,650 beds across 23 centres in 2010. Revenue has increased to EUR569.0 million from EUR280.0 million, according to 3i.
"The partnership with Jérôme Nouzarède, Michel Bodkier and their team is one of the best I have experienced in my career to date. We set ourselves ambitious targets which we have achieved and now Vedici is the fastest growing company within the sector," Remi Carnimolla, Partner and Managing Director of 3i France, said in a statement.
Marc Benatar, director and healthcare leader at 3i, said the investment in Vedici has been driven by a strong belief in the leadership team.
"We immediately bought into their vision to reconfigure the smaller private sector clinics into much larger full scale private hospitals. Over the past 4 years, the company has significantly increased its share of the private market and Vedici is now clearly positioned as the platform of choice to further consolidate the French market," Benatar said.
3i shares were Wednesday quoted up 1.2% at 378.20 pence per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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