Alantra advises LNA Santé in restructuring and strengthening its capital

Nov 2021

Private placement and Equity raising

Paris – Alantra, the global investment banking and asset management specialist, is pleased to announce that it has advised LNA Santé (“the Company”), the 5th largest private French operator of elder dependent care nursing homes, on the reorganization and strengthening of its capital.

Listed on Euronext Paris, LNA Santé is a major player in the care of temporarily or permanently frail people. LNA Santé generated revenues of €573.9 million in 2020 from its 81 health care facilities and more than 9,000 beds (rehabilitation centers, retirement homes, home care and psychiatric clinics).

This transaction strengthens LNA Santé’s financial resources to pursue its domestic and international development strategy in each of its business lines: residential elder-care facilities, outpatient and rehabilitation clinics, psychiatric clinics, and in-home hospitalization.

The operation is a combination of a share buyback, notably of the stake held by Mérieux Equity Partners, and a reserved capital increase of up to €50 million. LNA Santé’s new capital structure will strengthen the founding family’s shareholding and increase the reinvestment by historical financial investors through a new generation of funds (Siparex, Unexo and Sodero Gestion). It will also reinforce employee investment in the Company through LNA Ensemble (employee subscription of more than €47 million). Finally, it will allow the entry of BNP Paribas Développement and SMA Group, the leading French insurer in the construction sector with combined revenues of more than €2 billion.

More specifically, Groupe SMA’s investment in LNA Santé gives birth to a strategic partnership as the insurer will become a privileged real estate investor to finance the development of new healthcare operations in France and abroad. It is the first direct investment of Groupe SMA in such a strategic and operational partnership.

All these parties have agreed to a shareholders’ agreement representing more than 50% LNA Santé’s capital.

The completion of this transaction is subject to the approval of the Autorité des Marchés Financiers.