
Teasers out for Ardian-backed imes-icore
Teasers for imes-icore, a German medtech firm backed by Ardian, are now in circulation, two sources familiar with the situation said.
A number of financial sponsors have received the document, the sources said. No formal process has kicked off yet, with the vendor testing the market, one of the sources said. The buyside anticipates information memoranda (IMs) and a formal process to kick off later this year, according to the other source.
Houlihan Lokey has been appointed sellside advisor to guide the sale of the dental tech firm, which posts around EUR 15m-EUR 20m EBITDA, as reported. Pitches for the sellside mandate were held earlier this year.
The asset is expected to generate a lot of traction in the market and among financial sponsors in particular, given its size and focus as well as the lack of significant healthcare deal flow this year in the German-speaking DACH region, the two sources plus a third source familiar said.
“Everyone will look given the current market, but it's a question of who's serious,” one of the sources said, adding that imes-icore has shown “beautiful” growth in recent years and posts good margins.
In 2021, imes-icore reported EUR 47.2m revenue and EUR 9.5m EBIT, up from around EUR 32.5m revenue and EUR 6.3m EBIT in 2020, according to its most recently available financial filings.
Founded in 2002 as a spin-off of German machinery firm ISEL Group, imes-icore develops and produces computerised numerical control (CNC) machining systems and computer-aided design (CAD) and computer-aided manufacturing (CAM) systems for milling, water jet and laser cutting as well as 3D printing for use in dental laboratories, clinics and dental milling centres, according to Ardian’s website.
Headquartered in Eiterfeld in eastern Hesse, imes-icore has around 250 employees and has delivered more than 15,000 machines for manufacturing dental restorations worldwide since its founding, according to its website. It serves all dental market segments such as dentists, clinics, laboratories and milling centers with its portfolio of milling and grinding machines.
Houlihan Lokey and Ardian declined to comment. imes-icore did not respond to requests for comment.
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