Bridgepoint Development Capital acquires French independent operator of clinics

Bridgepoint Development Capital has acquired Compagnie Stéphanoise de Santé, a French independent operator of clinics in the Rhône-Alpes region of France. The financial details of the transaction were however not disclosed. Compagnie Stéphanoise was established in 2005 via the merger of three clinics and the subsequent addition of further facilities between 2006 and 2011.

Bruno Limonne, founder and group CEO of Compagnie Stéphanoise de Santé, commented that Bridgepoint’s investment will allow Compagnie Stéphanoise to grow further in ways that would have been impossible on its own. In addition to bringing expertise in fields that are less familiar to Compagnie Stéphanoise, Bridgepoint has demonstrated a clear understanding of Compagnie Stéphanoise’s business and unique governance structure, said Limonne. He further stated that the two firms both share common views on the prospects for regional healthcare groups.

Currently, Compagnie Stéphanoise is made up of ten establishments and is the main regional operator of private ‘polyclinics’ in its area offering, both general as well as specialist medicine including cardiology, gynecology, orthopedics and general surgery. Bridgepoint expects the Compagnie Stéphanoise investment to further enhance its standing with the acquisition of an additional clinic in Lyon, Clinique du Parc, well known for its excellence in ophthalmology and orthopedic surgery.

Pierre Colasson, partner of Bridgepoint Development Capital in France, commented that with a sound management team, strong regional profile with local partners and the financial resources from Bridgepoint, Compagnie Stéphanoise will be able to consolidate its position as a key player in the short and medium term stay market and become one of the leading groups in the French private hospital sector.

Compagnie Stéphanoise has over 1,100 beds, employs 250 practitioners and a staff of 1,350 and in 2010 had revenues of €110 million. Its medical governance model differs from its competitors in that there is closer involvement of practitioners in the management of the clinic which the market and local health authorities who recommend clinic selection have judged successful.    
The healthcare market in France is driven by steadily growing demand arising from an ageing population and expectations of improvement in the standard of care. French patients can choose whether they want to be treated in a public or private hospital with the State, through its social security system, reimbursing pre-determined costs. Private hospitals are increasingly gaining market share with over 9% of GDP now being spent on private healthcare, noted Bridgepoint.

15th March 2011

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