Bridgepoint has sold Medica, a French healthcare group, for €750m, to BC Partners, Axa Private Equity and Medica’s management team. The transaction is subject to approval by the European Competition Authorities and is expected to close by the end of July 2006.
Bridgepoint and AlpInvest acquired Medica from Icade, a French real estate group, in December 2003 in a €330m deal. Since that time, the company’s sales and marketing system has been strengthened, new performance indicators implemented, under-performing centres turned around and acquisition-led growth accelerated. There were plans to float the company but the idea was scrapped following the recent turbulence of the public markets.
With a presence in both France and Italy, Medica operated medical/welfare nursing homes, as well as convalescent and rehabilitation centres and psychiatric clinics. The company posted revenues of €272m in 2005, from its 103 centres 2005 (92 in France and 11 in Italy).