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Bridgepoint in the News

14 March 2011

French regional hospital group Compagnie Stéphanoise de Santé acquired by Bridgepoint Development Capital

Compagnie Stéphanoise de Santé (‘C2S’), a French independent operator of clinics in the Rhône-Alpes region of France, has been acquired by Bridgepoint Development Capital with management for an undisclosed sum.

Founded in 2005 through the formation of three clinics and the subsequent addition of further facilities between 2006 and 2011, C2S now comprises ten establishments and is the main regional operator of private 'polyclinics' in its area offering both general as well as specialist medicine including cardiology, gynaecology, orthopaedics and general surgery. Today's investment by Bridgepoint in C2S further enhances its standing with the acquisition of an additional clinic in Lyon, Clinique du Parc, well known for its excellence in ophthalmology and orthopaedic surgery.

C2S has over 1,100 beds, employs 250 practitioners and a staff of 1,350 and in 2010 had revenues of €110 million. Its medical governance model differs from its competitors in that there is closer involvement of practitioners in the management of the clinic which the market and local health authorities who recommend clinic selection have judged successful.

The healthcare market in France is driven by steadily growing demand arising from an ageing population and expectations of improvement in the standard of care. French patients can choose whether they want to be treated in a public or private hospital with the State, through its social security system, reimbursing pre-determined costs. Private hospitals are increasingly gaining market share with over 9% of GDP now being spent on private healthcare.

Bruno Limonne, founder and group CEO of Compagnie Stéphanoise de Santé, said: "Bridgepoint's investment will allow us to grow further in ways that would have been impossible on our own. In addition to bringing expertise in fields that are less familiar to us, they have demonstrated a clear understanding of our business and unique governance structure and we both share common views on the prospects for regional healthcare groups."

Bridgepoint Development Capital was attracted not only by the strategic nature of C2S's regional market position, but with the potential for greater efficiencies and further rollout opportunities to consolidate its leadership position. Pierre Colasson, partner of Bridgepoint Development Capital in France, said: "With a sound management team, strong regional profile with local partners and the financial resources from Bridgepoint, C2S will be able to consolidate its position as a key player in the short and medium term stay market and become one of the leading groups in the French private hospital sector."

Prior investments made by Bridgepoint funds in this sector include Medica, one of France's largest private operators of nursing homes, and Care UK, a provider of health and social care working with local authorities and the UK's NHS. In March 2011, Bridgepoint's buyout fund acquired Médipole Sud Santé, a major private hospital group in the Perpignan, Narbonne, Nîmes and Avignon, and France's sixth-largest.


Advisers involved in this transaction included: for Bridgepoint Development Capital - Frieh Bouhenic (corporate legal) Ginestié, Magellan, Paley-Vincent (competition), LEK, Ariane Santé Social (market due diligence), Deloitte-Constantin (financial), Landwell (legal & tax), Marsh (insurance); for management - CJA Avocats and BMS Francis Lefebvre (legal).


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