London-based lender Intermediate Capital Group (ICG) has provided payment-in-kind financing to private equity firm PAI partners, as part of its acquisition of French care home operator Domus Vi. The alternative lender will also invest as a minority equity holder.
Founded in 1986 by Yves Journal and merged with Dolcea in 2011, Domus Vi is one of the leading private operators of nursing and retirement homes in France, with around 200 homes and 15,000 beds.
PAI will become Domus Vi’s majority shareholder alongside Journal, who will reinvest through the intermediary DV Holding, plus the firm’s management team and ICG. The deal remains subject to clearance from the relevant authorities.
Hadj Djemai, head of France at ICG, commented: “Domus Vi is a group we know very well. having been previously a minority shareholder of the company. We are convinced of the strength of Domus Vi and its management, and strongly believe in the development opportunities that the new partnership between PAI partners, Yves Journel, the management team and ICG will create.”
ICG also said it has backed the management takeover of the Staci Group, a French specialist logistic company, from private equity firm Astorg Partners, investment firm Initiative et Finance and the group’s founder Jean-Pierre Masse.
Masse will reinvest in the transaction alongside Staci’s management team and remain president of the supervisory board.
Staci provides promotional advertising logistics to clients with large networks of retail outlets. including oil companies, hotel and restaurant chains and banks. It operates a total of 18 sites: 16 are located in France, mainly in Paris, and the other two in Belgium and Italy.
Thomas Mortier, Staci’s chief executive, said: “Staci benefits from our unique expertise, allowing us to relieve our clients of their most complex logistics issues, while at the same time allowing them to achieve substantial savings. The continued growth of the Belgian and Italian subsidiaries validates the international relevance of our business model, and we intend to continue to accelerate our international development in order to provide our clients with pan-European logistic solutions. We are delighted with our partnership with ICG and their support in this upcoming phase of growth for the Group.”