Palamon Capital Partners has agreed the sale of SARquavitae, an elderly care provider in Spain, to HomeVi SAS, a portfolio company of PAI Partners.
The transaction is subject to receipt of antitrust clearance from the European Commission and is expected to close in the first quarter of 2017.
The sale will result in an investment return of 3x for Palamon.
Julian Carreras, partner at Palamon, says: “We are delighted with the result of our investment in SARquavitae which when complete will generate nearly EUR140 million of proceeds and a 3.0x return for our investors. Our investment thesis for rapid growth in the Spanish elderly care market proved prescient and allowed us to drive SARquavitae revenues from EUR127 million to EUR310 million and more than triple EBITDA.”
