3i offloads French medical firm Vedici to CVC Capital for £85m

 
Michael Bow
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PRIVATE equity group 3i yesterday pushed on with a plan to shrink its portfolio by offloading a French healthcare chain to CVC Capital Partners.

The FTSE 100 group, led by chief executive Simon Borrows, said it sold Vedici, the fourth largest provider of acute health care in France, for £85m to London-based CVC.

It comes four years after 3i first took control of the business, which has around 4,500 hospital beds spread across 35 private hospitals in France. 3i originally made a £44m investment in Vedici, meaning the firm achieved a money multiple return on the investment of about two times.

Vedici boss Jerome Nouzarede said: “We have enjoyed an excellent relationship with 3i over the past four years. Their extensive support has helped us strengthen the leadership team, increase scale quickly and improve our operational efficiency.” 3i has been shrinking its portfolio of companies. and recently sold jewellery firm John Hardy in July, making a 1.9 times return.