Bastide to Sell Experf to Sapio to Accelerate Debt Reduction
Bastide Group has signed a purchase agreement for the sale of its subsidiary New Medical Concept, the holding company of the Experf group, which specializes in home infusion and nutrition, to Sapio Group. This cash transaction will allow the group to crystallize the value created since the acquisition of Experf in 2017 and to continue its debt reduction.
A Subsidiary with an Established Growth Profile
Experf, integrated into Bastide Group in 2017, recorded a turnover of approximately 18 million euros with more than 15 locations in France at that time. For the 2024-2025 fiscal year, the group operates a network of 28 agencies and generated a turnover of 42 million euros, reflecting a doubling of its activity due to the development of its territorial network and the strengthening of its teams. The sale is part of Bastide Group's asset management strategy and optimization of its business portfolio.
Financial Impact and Maintenance of 2025-2026 Objectives
This cash transaction will allow for continued debt reduction and a decrease in financial expenses. The financial leverage ratio (post IFRS 16) is expected to be slightly above 2.5x post-transaction, compared to 2.77x as of December 31, 2025. Given the expected date of deconsolidation, this sale will not have a significant impact on the published revenue for the current fiscal year (ending June 30, 2026), with the target maintained at at least 510 million euros and an operating margin around 9.0%.
Completion Conditions and Advisory Support
The completion of the transaction remains subject to customary suspensive conditions, particularly related to the information-consultation of the Social and Economic Committee. Oddo BHF acted as the exclusive financial advisor for Bastide Group, ADVANT Altana as legal counsel, while Sapio Group was advised by Goodwin Procter LLP as legal counsel and Eight Advisory for financial and tax advice. Marsh supported the due diligence in insurance matters.
