Realized Investments



Générale de Santé

Established in 1987, Générale de Santé (“GDS”) is a company listed on the Eurolist Market in Paris, market leader in private healthcare in France. The GDS structure includes a total of 75 clinics. In 2013 the GDS Group sales reached 1.9 billion Euro, reporting EBITDA of 226 million Euro.

In 2007 DeA Capital S.p.A. through its wholly owned Group subsidiary company DeA Capital Investments S.A., has completed the purchase of an investment of 347 million Euro, equivalent to 43% of the company share capital, in Santé S.A. (Santé Luxembourg). Santé Luxembourg is the controlling shareholder, directly and via Santé Developpement Europe S.A.S. (“SDE”) of GDS.
Santè’s other main shareholders were Antonino Ligresti through Santé Holding Srl and Mediobanca.

In October 2014 Santé SA sold its 83.43% stake of Générale de Santé to Ramsay Health Care and Crédit Agricole, at a price of 16.75 euro per share, cum dividend. Following the transaction, the buyers are to launch a tender offer for the entire share capital of Générale de Santé, in accordance with French law.

Santé and SDE have received a total of approximately EUR 788 million including the dividend, which will be used partly to repay the two companies' financial debt and partly to distribute cash to shareholders. The estimated net proceeds for DeA Capital, as a result of the deal, will be approximately EUR 170 million.


Sigla Credit

Sigla specializes in providing salary-backed loans (CQS) and personal loans to private customers. The Group, which offers its services as a benchmark operator for households, provides finance to all customer categories with a variety of products. It operates throughout Italy, mainly through a network of agents.

The company’s product range was expanded in 2010 to include the servicing of portfolios of unsecured non-performing loans (personal loans and credit cards).

DeA Capital held a 41,4% stake in the company for a total investment of 44,4 million Euro.

DeA Capital has co-invested with Palamon Capital Partners LP, a private equity fund that holds the remaining shareholding in Sigla. Corporate governance and exit mechanisms are regulated by a shareholders agreement.

In December 2017 its subsidiary Sigla Luxembourg S.A. closed the sale of its investments in Sigla and SiCollection (both owned 100%) to Alchemy Special Opportunities Fund.

The deal generated proceeds for DeA Capital of approximately EUR 11.5 million Euro,