Industri Kapital in exclusive negotiation to sell Ceva Santé Animale

Industri Kapital has reached an agreement to sell the veterinary laboratory to its management, associated with a consortium of investors grouping Euromezzanine, Natexis Industrie and Natixis Investissement.

Industri Kapital and management acquired Ceva Santé Animale, 10th veterinary laboratory worldwide, in 2003 from PAI.

During the four years of joint Industri Kapital and management ownership, Ceva’s sales grew by 60%, to reach an estimated EUR 340 million in 2007. The group’s EBITDA doubled over the same period. This exceptional performance is attributable to strong organic growth, supported by an ambitious Research & Development programme together with substantial industrial investments focused, among others, on the biological and companion animal activities. Ceva’s fast growth was also made possible by the success of a dynamic, international external growth strategy. The Group has completed six acquisitions since 2003 and established itself on the North American market through the acquisition of Biomune in 2005.

Ceva’s outstanding results and the efforts made by management enable Industri Kapital to realise an overall return close to 3.5 times its initial investment and an IRR of over 40% on this exit, after taking into account the leveraged recapitalisation of the group in March 2006.

Christopher Masek, Partner at Industri Kapital said: “We are delighted to have supported Ceva’s success since 2003 and are pleased to have reached an agreement which enables the Group’s management and employees to pursue their strategy independently. Ceva enjoyed strong organic growth since acquisition, which we contributed to facilitate by supporting management’s innovation strategy, with a 75% increase of the R&D budget under our tenure. Finally, we congratulate the Group for implementing its external growth strategy and successfully integrating six acquisitions over the past four years.”

Philippe du Mesnil, CEO of Ceva Santé Animale, said: “Thanks to the active support of Industri Kapital, Ceva Santé Animale has developed rapidly over the past four years and we are now set to continue our path independently. Our ultimate goal is to become a top tier worldwide player in the Animal Health industry. Today the group’s executives, managers and employees, active in the thirty seven subsidiaries on five continents, take further control over the group’s future by reinvesting significantly to acquire the majority of the capital of Ceva Santé Animale, supported by Euromezzanine, Natexis Industrie and Natixis Investissement. Together, we have committed to a seven year development plan aiming at creating true sustainable and shared value.”


Press contacts

Industri Kapital:
Christopher Masek, Partner
Tel: +44 20 7304 7127

Charlotte Laveson, Communication Manager
Tel: + 46 8 678 95 51

Ceva:
Philippe du Mesnil, Chief Executive Officer
Tel: +33 5 57 55 40 35

Corine O’Flynn
Tel: + 33 5 57 55 41 97

Euromezzanine:
Thierry Raiff
Tel: + 33 1 53 30 23 33

Natixis Private Equity:
Valérie Mathérion
Tel: +33 1 58 19 20 53