CVC eyes €400m debt package for Vedici

Private equity groups CVC, 3i and NI Partners are in exclusive talks over the sale of French healthcare firm Vedici.

CVC Capital Partners is in exclusive talks with 3i Group and NI Partners, the private equity division of Natixis group, to buy French healthcare company Vedici, according to a person familiar with the situation.

Bankers are said to be working on an estimated €400 million debt package to back the potential deal.

The financing would equate to around 5.5 to 6x Vedici’s EBITDA of approximately €45 million, banking sources told Reuters.

Debt is set to include around €250-275 million of term loan B (TLB) and around €125 million of undrawn facilities including a revolver, Reuters reported.

3i and NI Partners bought Vedici from Apax Partners in March 2010. Vedici has a total capacity of 5,000 beds, employs 6,100 staff, and has an annual turnover of €547 million (as at December 2012), according to the 3i website. The group, which is one of the main private acute hospital operators in France, runs 35 care facilities concentrated in the south west of the country from Paris to Toulouse.

3i and CVC declined to comment. NI Partners had not responded to a request for comment at time of going to press.