Achieving a healthy transformation into a key
international elderly care provider


DomusVi is a major privately-owned French care home operator that offers a full range of services for the elderly. The Group is present in all segments of the sector, including medical nursing homes, non-medical nursing homes, residential services and home-care services.

We acquired DomusVi as a primary LBO in September 2014, with the ambition to transform this purely French company into an international player with a diversified revenue stream and a solid operational model. Upon acquisition, DomusVi was the #3 private player in the nursing home sector in France.

The acquisition was made possible by our strong understanding of the business and the trust-based relationship and alignment of strategic vision with Yves Journel, the founder of the group who reinvested alongside PAI.

Capturing market opportunities

Our decision to acquire DomusVi was based on market benefits from long term demographic and economic trends across Europe, the opportunity for further consolidation in a fragmented market and the potential for operational improvements.

The French nursing home market is driven by favourable demographics (e.g. the population in France aged 85 or over is set to grow at 3% per year until 2018); the country’s private nursing home sector operates a highly regulated, authorisation-controlled model. The top three private nursing home providers accounting for less than 10% of the total market, the elderly care market in France is still to be consolidated.

  • 160%

    EBITDA growth

  • #1


  • #3


  • Discover more about DomusVi
  • How did we transform DomusVi

    Under PAI ownership, DomusVi implemented an active consolidation plan, notably becoming a leading operator in the French home-care segment and entering the attractive Spanish market.

    In only three years under PAI ownership, DomusVi was transformed from a pure French provider into the third largest in Europe for senior care.

    This transformation was made possible thanks to PAI’s experience in Healthcare Services as well as the strong local presence of PAI’s Spain Team which was crucial in executing this transformation.

An active consolidation in Spain

With the help of PAI and the strong cooperation between our Healthcare sector team and our Spanish team, DomusVi expanded its footprint in Spain in 2015 through the acquisition of Geriatros, the local #3 nursing home player, bringing 45 nursing homes, 24 day care centers and 4 mental healthcare facilities to the DomusVi network.

This led to further M&A including the acquisition of the Spanish leader Grupo SAR in early 2017. Grupo SAR operates 89 nursing homes but is also active in adjacent business lines such as homecare, tele-assistance and mental care.

Development in China

DomusVi is currently developing an elderly care activity in China, through a joint venture with a local player.

China is a booming market for DomusVi, with expected 245 million people over 60 in 2020 and 300 million in 2025. The country has to create the structures to care for this demographic evolution.

DomusVi benefits from the reputation that France has in general for elderly care, and its wide knowledge of the entire value chain, from nursing homes to home care and residencies makes it a prominent partner for Chinese players.

  • 300 million

    Chinese people over 60 in 2025

Attractive adjacent markets

After the integration of DomusVi Domicile in early 2015, the group further strengthened its position in home-care services with the acquisition of Domidom Soins.

This acquisition played to PAI’s deep knowledge of the French market in general, as well as its strong track record in the healthcare services sector, where it has extensive investment experience such as Cerba European Lab, Ipsen and Ceva Santé Animale.

These acquisitions notably fitted into the consolidation strategy of the comprehensive care of the elderly in France, complementing and creating synergy between the different activities of the Group, ranging from home to nursing homes.

In July 2017 we sold Domus VI to Intermediate Capital Group and Sagesse Retraite Santé.

  • 46 home-care agencies

    operated by DomusVi in France

Meet the deal team

  • Stefano Drago

    Partner Healthcare

    Stefano Drago


    Stefano joined PAI in 2005 and is a Partner in charge of investments in the Healthcare Sector. He has been involved in several transactions including Elitech, Ethypharm, Atos Medical, DomusVi, Cerba Healthcare, Kiloutou, Provimi. He is currently involved in Elitech, Ethypharm and Kiloutou.

    He started his career within the R&D department of France Telecom (now Orange) for three years, and then spent four years with McKinsey & Company in their Rome office, serving clients in Italy, France, the UK and Australia.

    Stefano studied Engineering at both Politecnico di Torino (Italy) and Telecom Paritech (France) and holds an MBA from INSEAD.

    He speaks Italian, French, English and Spanish fluently.

  • Laura Muries

    Partner Spain Team

    Laura Muries

    Spain Team

    Laura joined PAI in 2007 and heads PAI’s Spain Team. She has been involved in several transactions including The Nuance Group, Swissport, Grupo Cortefiel, DomusVi and Konecta.

    She started her career at Merrill Lynch in the Investment Banking department in Madrid, working principally with financial sponsor clients on the execution of buy-side, sell-side and IPO transactions.

    Laura graduated in Business Administration and Law from the Universidad Carlos III in Madrid. Her Spanish and English are fluent, and she is conversational in French.

  • Augustin Grandcolas

    Principal Healthcare

    Augustin Grandcolas


    Augustin joined PAI in 2011 as a member of the Investment Group, and has been involved in several transactions including FTE, IPH, DomusVi, GCS, Ethypharm and Elitech.

    He started his career at Credit Suisse, spending five years working in the Investment Banking department in Paris.

    Augustin graduated from HEC in 2006. His French and English are fluent, and he is conversational in Spanish.

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