A healthcare company owned by the French private equity firm Ardian has had its bank accounts frozen as part of an ongoing investigation by French authorities, leading to a sharp decline in the value of its debt. Santé Cie, which specializes in home medical assistance, along with its subsidiaries Elivie and Asdia, saw their current accounts seized last month amid a preliminary probe into their financial dealings with healthcare professionals, according to a recent update provided to lenders.
The company’s €820 million term loan fell dramatically in value, dropping to 52 cents on the euro on Thursday from approximately 101 cents on the euro the day before the seizure announcement. The investigation has been underway since June 25, 2024, with Santé Cie being informed on June 10 that more than €45 million held in these accounts had been frozen under orders issued by the French judge of liberties and detention (JLD).
Founded in 2015, Santé Cie was acquired by Ardian in 2020, when the private equity firm, managing around $200 billion in assets, purchased a majority stake to support expansion in the French market and across Europe. Operating primarily in France, Germany, and the Netherlands, Santé Cie employs approximately 3,000 staff and serves around 500,000 patients annually, focusing on ambulatory medicine, home healthcare, and local proximity care clinics.
The company informed creditors that the seizure of funds was intended to ensure enforcement of any potential penalty that might include asset confiscation, should a definitive criminal conviction arise from the ongoing investigation. The probe is being conducted by France's National Financial Prosecutor (PNF), which handles serious economic and financial crime cases. Santé Cie noted that the JLD’s seizure order reflects preliminary investigation procedures initiated at the request of the public prosecutor’s office.
Santé Cie is currently seeking legal counsel and plans to update its lenders on developments, including the possibility of negotiating certain waivers on its debt obligations. A creditors’ meeting has been scheduled for Monday to discuss the situation further.
While Ardian declined to comment on the investigation, a spokesperson for Santé Cie stated that the company strongly disputes the PNF’s accusations, emphasizing that its operations have always complied fully with existing regulations. The company has formally appealed the asset freeze and intends to vigorously defend its position throughout the legal proceedings. The spokesperson clarified that the investigation does not relate to any health or medical care issues but centers solely on financial conduct.