LONDON May 29 Bankers are working on debt
packages of up to 400 million euros ($543.90 million) to back a
potential sale of French healthcare company Vedici as CVC looks
set to buy the business, banking sources said on Thursday.
3i and NI Partners, the private equity division of
the Natixis group, bought Vedici in 2010 from Apax Partners and
have now decided to sell the company, entering into exclusive
talks with CVC, the banking sources said.
A 400 million euro financing would equate to around 5.5-6
times Vedici's earnings before interest, taxes, depreciation and
amortization (EBITDA) of approximately 45 million euros, the
banking sources said.
Debt will be in the form of leveraged loans and include
around 250-275 million euros of term loan B and around 125
million euros of undrawn facilities, split between capital
expenditure and revolving credit facilities, the banking sources
Founded in 2000, Vedici is one of the main players in the
private healthcare sector in France employing around 6,100
staff. Vedici runs over 5,000 beds in 35 care facilities which
are located from Paris to Toulouse. It had annual turnover of
547 million euros as of December 2012, according to 3i's
CVC, 3i and NI Partners were not immediately available to
($1 = 0.7354 Euros)
(Editing by Christopher Mangham)