Qualium to buy IMV Technologies from Pragma

Qualium secured a majority stake, while IMV chairman Gilles de Robert de Lafregeyre and the company's management team reinvested to hold onto a minority stake. The deal valued the business in the region of €130m.

IMV intends to pursue its acquisitive growth strategy under its new owner, notably targeting the BRIC markets.

Leonardo & Co was handling the sale process on behalf of the vendors.

Debt
Ardian was the sole lender involved in the transaction, arranging an €80m unitranche facility. In addition, the GP provided the business with a €12m capex facility.

Previous funding
Pragma acquired IMV from Eurazeo PME (then OFI Private Equity) for an undisclosed amount in 2010. Eurazeo PME had taken IMV private in 2007 for €31.1m.

Pragma secured a 60% stake in the company, with Eurazeo reinvesting €5m of its proceeds to retain an 11% stake in the business. Management bought the remainder of the shares. Banque Espirito Santo et de la Vénetie provided a debt package.

Cathay Capital also invested an undisclosed amount to secure a small minority stake in the wake of the 2010 buyout.

Under Pragma's stewardship, the company notably expanded via acquisitions, with IMV completing a bolt-on per year.

Company
Established in 1963 and headquartered in Aigle, Normandy, IMV designs, manufactures and sells products used in the artificial insemination of several animal species. It also diversified into human applications in 1987, developing procedures for artificial insemination and biological sample preservation.

The company employs 450 people, compared with 250 when Pragma took over the business, and posted a €63m turnover in 2013 (up from €44.4m at the time of the 2010 deal).

IMV operates four production sites, five subsidiaries outside of France, and distributes its products in 120 countries.

People
Cyprien Choutet and Julie Khayat worked on the deal for Qualium. Pragma was represented by Jean-Pierre Créange, Stéphane Monmousseau and Alexis Wibaux. Eurazeo PME was represented by Olivier Millet and Pierre Meignen.

Advisers
Equity – Paul Hastings, Olivier Deren, Sébastien Crépy, Mounir Letayf (Legal); Rothschild (M&A); LEK, Arnaud Sergent (Commercial due diligence); 8 Advisory, Justin Welstead, Boris Bignon (Financial due diligence); Exfi, Emmanuel Parmentier (Environmental due diligence); Marsh, Jean-Marie Dargaignaratz (Insurance due diligence).
Vendors – Latham & Watkins, Charles-Antoine Guelluy, Semih Bayar Eren (Legal); Wragge, Jérôme Patenotte (Legal); Leonardo & Co, Bruno Stern, Matthieu Serizay, Benjamin Osdoit, Philippe Charbonnier (M&A); Arthur D Little, Frédéric Thomas, Raphaël Didier (Commercial due diligence); PwC, Martin Naquet-Radiguet, Antoine Chaigne (Financial due diligence); Landwell, Jean-Philippe Brillet (Tax).
Management – LBO Managers, Hervé Thibaut de Maisières (M&A); Dechert, Olivia Guéguen (Legal).
Debt – Shearman, Arnaud Fromion (Legal).

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• Topics
• France
• Buyouts
• Exits
• Healthcare
• Sparring Capital (formerly Pragma Capital)
• Secondary buyout
• France