ICG, PAI launch €355m secured loan notes for care home acquisition

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care-home5_sqIntermediate Capital Group and PAI partners have reportedly launched €355m worth of secured loan notes to finance the joint acquisition of French elderly care home group DomusVi.

The notes are due in 2021 and the proceeds will be held in escrow until the deal for Domus closes, according to RealDeals.

Asset manager ICG announced that it was providing financing for PAI Partners for its purchase of the majority stake in Domus Vi, last month. ICG is also investing as a minority shareholder.

Paris-based private equity firm PAI Partners agreed to buy the European division of private equity-backed tech firm VPS Acquisition in June.

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