Tethys Invest, an investment fund of L’Oreal‘s largest investor, the Bettencourt-Meyers family, said on Thursday it had bought a minority stake in French private hospital group Elsan.
The investment, whose size was not disclosed, is part of the family’s plans to back developments in health, medical research and life sciences, the statement said.
The family of Liliane Bettencourt, France’s wealthiest woman, has a 33 percent stake in French cosmetics group L’Oreal.
Tethys Invest, created in 2016 to diversify the investments of the Bettencourt-Meyers family, is headed by Alexandre Benais, a former Lazard banker.
It becomes Elsan’s third-largest shareholder after CVC Partners and Elsan’s founders.
The investment was made as Elsan bought French competitor MediPole Partenaires, creating a group with turnover of over 2 billion euros ($2.28 billion).