Name : Renaissance BV
Date of first investment: June 2000
Location : France
Amount invested : € 16.0m
Activity : Management and development of Assisted Living Facilities
Type/Stage : Build-up
Revenues : € 41.0m (2003)
Transaction size : € 73.0m
Board members : Erick Rinner
Date of realisation : November 2004

The Business

The company offer pensioners a long-term, personalised environment that enhances their quality of life. Services include a full day of recreational activities tailored to individual skill levels, interests and abilities. The company focuses on high quality locations and larger facilities in a quiet and calm environment. Services include food, lodging, assistance, personal and medical care.

The Management

The Chief Executive of Renaissance was Jean-Pierre Rivière, a seasoned entrepreneur in the healthcare sector in France. He has advised assisted facility and nursing home companies for more than 15 years and has himself managed these facilities. Jean-Pierre was supported by Olivier Campmas, (Chief Operating Officer), who has 25 years experience in the French healthcare sector. Marc le Doze, HEC, was the group finance director.

Strategic Development

As of April 2003, Renaissance has 15 facilities and more than 1,300 residents in the South East of France. The group is now the 7th largest French operator. From the existing platform, the plan is to continue to buy and develop facilities over the next year. Management's objective is to have more than 1,600 beds and 19 units by the end of 2003. The aim is to establish a "reference" group in terms of quality and service and to become one of the leading French operators in a highly fragmented industry where 85% of existing units are family held, single entity businesses. The group is performing well in a fast growing market with favourable demographic trends.  The average occupancy of any unit is above 98%.

The business was sold to SUREN, the French market leader and we doubled our investment.