ICG already holds a minority stake in HomeVi, leader of nursing homes sector in Spain through Feriatros-SARquavitae. The operation, which would value the group at around €2,000 million, would allow ICG to hold majority and Yves Journel would continue as a minority shareholder. For the overall valuation of HomeVi in the negotiations with ICG, the Spanish activity accounts for almost half of the total.
Geriatros-SARquavitae groups together 135 centers with 20,000 beds. The ICG fund has traditionally invested in debt to finance private equity firms. Now it is diversifying to buy companies directly. Last year, ICG invested around €200 million to take control of the La Rioja-based industrial company Garnica, recalls the source.