Paris-based PAI Partners has entered exclusive discussions to acquire a majority stake in DomusVi, a French provider of nursing homes and services to elderly, according to a statement.
Financial details of the proposed transaction were undisclosed. In the deal, PAI will invest alongside the management team and founder Yves Journel, who would re-invest in the new capital structure.
PAI declined to comment beyond the statement.
DomusVi provides care to the elderly with almost 200 nursing homes and more than 15,000 beds. The group also provides day care, night care, temporary stays or short stays. Last year, the business generated revenues of €647 million.
PAI will aim to reinforce DomusVi’s position as a leader in the French market as well as looking at pursuing further growth opportunities in Europe and elsewhere.
The investment is awaiting regulatory approval and is the third from PAI’s Fund VI, which is currently in the market attempting to raise €3 billion. The fund is expected to hold a €2.5 billion second close by the summer as PEI revealed last week, having held a €1.4 billion first close in January.
In April, PAI agreed to acquire a majority stake in Euro Media Group (EMG), a production business based in France, for just under €200 million. In the same month, PAI and The Carlyle Group entered into exclusive talks with French-based Schneider Electric to acquire its business unit Custom Sensors & Technologies. The pair will pay about $900 million for a majority stake in the business, PEI reported at the time.