EAC exits nursing home operator

London-based private equity firm European Acquisition Capital (EAC) has sold French nursing home operator Renaissance Group to holding company Batipart Group for just under €100 million ($134 million).
 
EAC's 1998 fund II invested €16 million in the first of Renaissance's care homes in May 2000, with the intention of developing the business by buying further homes. Since then, the company has acquired 16 further outlets, bringing its total number of beds to almost 1,500 and making it France's sixth biggest nursing home operator.
 
EAC is a London-based European private equity firm with total assets under management of around €400 million. Partner Erick Rinner said in an interview that the firm was looking at 'old economy' sectors such as energy, waste management and healthcare, on the grounds that good long-term investments could be found in these sectors.
 
EAC's recent investments include the acquisition of bed sore prevention products manufacturer Asklé Santé in February and hospital bedside communication and entertainment services company Premier Telesolutions in March. It also contributed €21.3 million to the MBO of commercial vehicle manufacturer LDV in January.
 
This year the firm realised investments in UK oil and gas production utilities company Star Energy and children's nursery chain Leapfrog Day Nurseries.