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A healthcare company owned by French private equity firm Ardian has had its bank accounts seized amid a two-year investigation by authorities, causing the price of its debt to fall by about 50 per cent.
The current accounts held by Santé Cie, a specialist in home medical assistance, and its subsidiaries Elivie and Asdia were seized by French authorities last month amid a preliminary probe into its dealings with healthcare professionals, according to an update provided to lenders on Thursday.
Santé Cie’s €820mn term loan plummeted to 52 cents on the euro on Thursday, after the investigation was disclosed to creditors. The loan was trading at about 101 cents on the euro on Wednesday.
According to the update sent to creditors, the investigation into the company has been ongoing since June 25 2024.
Santé Cie, which was founded in 2015, was informed on June 10 this year that the accounts, holding funds worth more than €45mn, had been seized. The companies were then served with orders by the French judge of liberties and detention (JLD).
Ardian, which has $200bn in assets under management, acquired a majority stake in Santé Cie in 2020, investing alongside existing shareholders “to continue the consolidation of the French market and develop internationally”.
Santé Cie, which has 3,000 employees and assists 500,000 patients each year, operates in France, Germany and the Netherlands. It says it specialises in “ambulatory medicine, home healthcare and local proximity care clinics”.
The company told creditors that the “JLD may order the seizure of sums intended to guarantee the proper enforcement of a possible penalty of confiscation”.
A penalty could be awarded “should the natural or legal person subject to the seizure subsequently be definitively convicted by a criminal court for an offence for which the penalty includes confiscation”, it added.
The investigation is being conducted by France’s National Financial Prosecutor, which is responsible for investigating serious economic and financial crimes.
“During a preliminary investigation, this order is issued by the JLD at the request of the public prosecutor’s office in charge of the investigation,” Santé Cie told creditors, adding that it was taking legal advice and will keep lenders informed of any developments which “could include the request for certain waivers” on the debt.
The company is due to host a meeting with creditors on Monday.
Ardian declined to comment.
A representative of Santé Cie said the company “has been subject to an asset freeze totalling €45.5mn, at the request of the National Financial Prosecutor’s Office, as part of a preliminary investigation into its dealings with healthcare professionals. This does not in any way concern health or medical matters.
“Santé Cie strongly contests the PNF’s position, which does not reflect the reality of the practices of Santé Cie and its subsidiaries, which have always been conducted in strict compliance with the regulations in force.
“Santé Cie has immediately appealed against these seizures and will, more generally, assert all its rights in the course of the proceedings.”
