Eat and London Luton Airport investor agrees sale of 46.7 per cent stake in Italian healthcare operator for £230m

William Turvill
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Ardian, a London Luton Airport owner, has agreed to sell its 46.7 per cent stake in KOS for €292m (£230m)

Private investment company Ardian has sold its near-half stake in an Italian healthcare and residential care home operator for €292m (£230m).

Ardian’s 46.7 per cent stake in KOS has been sold to CIR-Compagnie Industriali Riunite S.p.A. and F2i.

Ardian, whose other investments include restaurant chain Eat and London Luton Airport, acquired the stake in 2010.

Read more: Ardian closes largest ever European infrastructure fund

KOS, an Italian company with a presence in the UK which includes selling radiotherapy equipment, reported revenues of €440m and earnings before interest, taxation, depreciation and amortisation (Ebitda) of €73m in 2015. This was up from €42.1m in 2010.

If approved by the Italian Competition and Markets Authority, CIR will hold a 62.7 per cent stake, paying Ardian €52m. And F2i Health Management will acquire a 37.3 per cent stake for €240m.

Founded in 1996, Paris-headquartered Ardian has assets valuing around $55bn across Europe, North America and Asia.

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