Paris, June 22, 2017 an M&A Specialist and the support of executives and shareholders in the definition and implementation of their strategy shareholder, The Baume Finance comes to advise the Clinical group Development on the occasion of the redemption of the clinical SSR (follow-up care and rehabilitation) The Normandy, based in Granville.
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Created in 1997 by Dr. Tanguy de La Bourdonnaye, Clinical Development operates 4 facilities in Normandy. At the end of a sales process initiated by the shareholders of the Normandy, in the fall of 2016, it significantly strengthens its network in the region, thanks to its 2 sites with 350 beds.
A new group of nearly 1 000 health professionals and 820 beds
Now reunited, the two sets have nearly 1 000 health professionals, 820 beds, and approximately 300 000 patient-days in each year, and a turnover of more than € 70 million.
To unveil soon its change of name, the new group offers to patients in the course of comprehensive care and operators of health a medical project that is relevant, while understanding better the constraints of guardianship first and foremost, the transition to activity-based pricing.
The employee shareholding at the heart of the transaction
To carry out the operation, the employee shareholding has been placed at the heart of considerations. Indeed, for more than 15 years, The Normandy had ensured its development by being majority-owned by its employees, supported by CM-CIC Investment as a minority shareholder.
“Healthcare institutions can only be effective if their staff fully adheres to a common project, long-term, that it appropriates and defends, explains Tanguy de La Bourdonnaye. In this context, it is natural to offer each employee the opportunity to invest in the work and reap the fruits. ”
“We did receive Clinical Development of our experience in the organization of employee share ownership while taking into account the specificities of each institution,” continues Franck Lebon, president of the Normandy, which will take the general direction of the new set.
The implementation complexity of such an operation, involving hundreds of employees or practitioners shareholders, has been eased by the support of financial partners and banking with a strong anchor in the territories of the Great West, the foremost of which include CM-CIC Investissement, crédit lyonnais and CIC North-West. They not only participate in the financing and the round table of the new group, but also facilitated the investment of employees.
Teams involved in the operation :
– Minority investors :
CM-CIC Investissement : Mathieu Sollet, Philippe Traisnel
Alliance Entreprendre : Laurent Colléatte, Camille Chosseler
Tikehau Investment Management : Nathalie Bleunven, Antoine Caffin
Capitem Partners : Stéphane Grès, Hervé Letoublon, Damien Gassies, Guillaume de Gottal
BPI Investment : Nicolas Dardenne, Vincent Stiévenard
Council legal : Lamartine Conseil (Cedric Sapède, Fabien Mauvais, Philippe Barouch)
– Bank financing :
LCL (Agent and co-arranger) : Samir Hadj Azzem, Jérôme Lamiot, Alan Morvan
CIC North West (co-arranger) : Michel Baudin
BNP Paribas : Alexis Gilbert, Florent Becquart
Neuflize OBC : Paul de Mestier du Bourg, Loïc Louesdon
Legal counsel : De Pardieu Brocas Maffei (Christophe Gaillard, Thibaut Lechoux)
– Clinical Development :
Financial advice : The Balm Finance (Gilles Toussaint, Robert Benjamin)
Legal advice : MF2A (Jerome Majbruch), Granrut (Vincent Siguier, Glenn Le Louarn, Caroline Lucche Rocchia, Julien Perdrizot-Renault)
– Due diligence acquirer and investors :
Due diligences, legal, tax and social security : Lamartine Conseil (Cedric Sapède, Fabien Mauvais, Philippe Barouch)
Due diligence, financial : Grant Thornton (Emmanuel Riou, Jerome Duflos)
– The Normandy :
Financial advisory : DC Advisory (Nicolas Durieux, Guillaume Jaureguiberry, Adrien Dumaine-Martin)
Legal advice : Agilys (Pierre Jouglard)
About Baume Finance
The Salve Finance is the result of the amalgamation of the independent shops who had come together, since 2012, at the Club of the Balm. Comprising ten professionals in the M&A and sector experts, with a strong culture of the company, the business bank to accompany managers and shareholders in the definition and implementation of their strategy shareholder. Active alongside its clients in the long term, it offers them the opportunity to structure this international strategy. The Baume Finance is involved in buying or selling, and has a recognized expertise in the field of services (health, security, transport and logistics, education, Facilities management, etc.) and specialized industry.
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