Palamon Capital Partners said Oct. 24 that it agreed to sell SARquavitae to HomeVi S.A.S., a portfolio company of PAI Partners. SARquavitae, of Barcelona, Spain, is an elderly care provider. Palamon said the deal will result in an investment return of 3.0x.
Palamon Capital Partners (“Palamon”) has agreed the sale of SARquavitae (the “Company”), one of the leading elderly care providers in Spain, to HomeVi S.A.S. (“Home VI”) a portfolio company of PAI Partners. The transaction is subject to receipt of antitrust clearance from the European Commission and is expected to close in the first quarter of 2017. The sale will result in an investment return of 3.0x for Palamon.
Julian Carreras, Partner at Palamon commented: “We are delighted with the result of our investment in SARquavitae which when complete will generate nearly €140 million of proceeds and a 3.0x return for our investors. Our investment thesis for rapid growth in the Spanish elderly care market proved prescient and allowed us to drive SARquavitae revenues from €127 million to €310 million and more than triple EBITDA.”
SARquavitae (www.sarquavitae.es) is one of the leading health and social services provider in Spain. It has a workforce made up of more than 12,000 employees, who provide nursing home and domiciliary care services to 200,000 people every year. The organisation has developed an innovative person-centred care protocol based on three main areas: humane, friendly treatment, specialist healthcare and a focus on comfort and wellbeing, which permeate all these services. The company has 109 centres, of which 72 are nursing homes and healthcare centres, 16 are specialist disability care centres, 19 are day centres and hospitals and 2 constitute housing complexes with services, comprising a total offer of almost 14,000 places. Moreover, SARquavitae also provides a daily domiciliary assistance service to 12,050 people, as well as domiciliary healthcare services. The organisation makes 77,677 annual medical emergency and nursing visits, assists 20,000 Telecare users every day and provides a medical and social telephone service, accepting over 150,500 calls per year.
About Palamon Capital Partners
Palamon Capital Partners, LP is an independent private equity partnership founded in 1999, which is focused on providing equity for European growth services companies. Palamon originates, executes and manages investments on a pan-European basis, with a particular focus on the UK, Germany, Benelux, Italy, Spain, Norway, Denmark and Sweden. The Firm targets investments in companies where it can be the lead private equity provider and where it can provide strategic direction and partner with management to help build equity value. The Firm manages funds with €1.4 billion of equity capital for investment.