Transaction overview
Verdane and Bpifrance have acquired a majority stake in Medadom, a leading teleconsultation provider based in France, from G Square for $91 million on November 6, 2023. Medadom, founded in 2017, is recognized as the first teleconsultation platform to receive accreditation from the French Ministry of Health and currently operates over 5,500 teleconsultation units across France.
Deal structure and financing
Details regarding the specific equity and debt components of the transaction have not been disclosed. Lincoln International served as exclusive financial advisor for both the sell-side (to G Square) and buy-side (to Medadom founders in partnership with Verdane and Bpifrance). McDermott Will & Schulte provided legal counsel to the acquirers. No information is available on lock-up terms or IPO optionality, but the deal involves a strategic stake for Medadom's founding team alongside institutional capital from Verdane and Bpifrance.
Strategic context
This acquisition marks Verdane’s first investment in France and positions the company to bolster its telehealth capabilities. The transaction enables Medadom’s founders, Elie-Dan Mimouni and Nathaniel Bern, to regain majority control while securing financial backing for future growth. G Square's decision to exit underscores the rapid scaling of Medadom since their initial 2020 investment period.
The deal is driven by Medadom’s established market leadership in teleconsultation coupled with its scalable technology platform. Both Verdane and Bpifrance are known investors in healthcare innovation, making this partnership a strategic fit to enhance Medadom's technological infrastructure and expand into new care verticals. The founders’ reacquisition of majority ownership aligns their interests closely with those of the institutional investors.
Regulatory path
The transaction was reviewed by the French Competition Authority (Autorité de la Concurrence) given its healthcare sector relevance and geographic focus in France. No specific remedies were announced to address any competition concerns, indicating that the deal likely did not face significant regulatory hurdles due to Medadom's market position as a niche service provider rather than a dominant player in broader health services markets.
The transaction was subject to customary merger review timelines with HSR filing requirements for U.S.-based entities and EU filings if applicable non-European investments were involved. However, no specific dates or durations have been publicly disclosed regarding the regulatory process completion timeline.