Tikehau IM’s Novo 2 fund has underwritten EUR8.5 million of a EUR25 million private placement financing for homecare services provider Bastide, arranged by Société Générale.
Bastide is a family-owned group founded in Nîmes, France in 1977 which is active in the homecare services market in France, Belgium and Switzerland through three businesses: Homecare Assistance, Nutrition Infusion and Respiratory Assistance.
Bastide distributes products by selling and renting nursing beds, wheelchairs and rollators, and offers services such as installation and maintenance of medical devices.
In addition to the company’s organic growth, its acquisitions since 2010 have boosted its development.
Bastide has been listed on Euronext Paris since 1997 with a market capitalisation of circa EUR157.8 million as of 1 September 2016. It employs 1,265 people. At the end of its fiscal year on 30 June 2015, the company reported EUR171.0 million of revenues and EUR31.9 million EBITDA.
In parallel to the EUR25 million transaction, Bastide also secured a EUR90 million syndicated facility co-arranged by Natixis and CACIB which was subscribed by five banks, allowing the company to refinance its existing debt and to finance its external growth plans and general corporate needs.
Novo 2, a fund designed to support France’s economic growth, was set up by the CDC and 27 insurance companies. Its main purpose is to provide financing facilities to growing small and medium-sized companies by directing available savings towards financing their innovation and expansion.
Since its official launch in October 2013, Novo 2 has invested more than EUR365 million in 20 companies with an average maturity of 6.7 years.
