Cathay Capital readies Cenexi for exit

Vendor Cathay Capital is advised by Natixis Partners on the sale, according to the first three sources. Jefferies is also advising, the first two sources added.

The company will be marketed off EUR 25m EBITDA, the first, second and fourth said. Adjusted EBITDA amounts to EUR 30m, the first two sources pointed out.

Information memoranda are scheduled for March, according to the first two sources, with the first source adding that the sale is attracting early sponsor interest.

“The company is very stable, which makes it an attractive investment for lenders, but PE bidders might be wary of its flat growth in recent years,” the second source cautioned.

Cathay Capital is seeking an exit after almost seven years of ownership. It acquired a 70% stake in Cenexi in 2015, investing alongside the management team. The transaction valued the business in the EUR 100m-EUR 150m range, according to a Capital Finance report.

Founded in 2004, Cenexi is a CDMO with a strong expertise in sterile liquid and lyophilized fill-finish, including for oncology products. It has 1,500 employees and generated a EUR 200m turnover in 2020, according to its website. Headquartered in Fontenay-Sous-Bois, it operates four manufacturing sites, three in France and one in Belgium.

Cenexi and Cathay declined to comment. Jefferies and Natixis did not respond to a request for comment.

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