Ardian acquires Ionisos from Agilitas

Agilitas has sold all its shares in the group to Ardian. The GP had been the majority shareholder in the group since its investment in 2014. According to a source close to the situation, the investment generated an IRR in the region of 100%.

Financial details of the transaction were not disclosed, though one source put the deal value within the €100-150m range, while another stated EV was in the region of €170m. Unitranche debt of an undisclosed value was provided by ICG to finance the deal.

With the backing of Agilitas, Ionisos's turnover increased from €20m in 2014 to €26m last year. The management had retained a minority share in the company at the time; it also reinvested in the current deal, its current share amounting to around 10% of the company's capital.

It is the company's fourth buyout transaction since 2004, with previous owners including Acto Capital, Atria Capital and Ekkio.

This marks the first deal for Ardian's most recent investment vehicle, Expansion Fund IV, which held a final close a few weeks ago on €1bn, way ahead of the original €650m target.

The new GP will pursue the organic growth strategy put in place by Agilitas, and will subsequently aim to acquire several businesses, mostly Europe-based and starting with Germany.

Previous funding
In April 2004, Finama Private Equity's direct investment vehicle Acto Capital acquired a 49% stake in Ionisos.

Then, in June 2007, Atria Capital Partenaires acquired a majority stake, accompanied by Ekkio Capital as minority investor and mezzanine provider. Atria faced difficult times following the financial crisis and merged with Naxicap Partners at the end of 2011.

In December 2014, Agilitas bought Ionisos from Naxicap. ICG provided debt to finance the transaction. This was the third buyout undergone by Ionisos in the space of 10 years.

Company
Founded in 1993 and headquartered in Dagneux, near Lyon, Ionisos specialises in the sterilisation treatment of medical devices, raw materials and cosmetic products. The company employs 100 people at seven sites across France, Spain and China, and generates revenues of €26m. Ionisos was orginally born as a merger between companies Conservatome and Ampytrion.

People
Ardian – François Jerphagnon (chief investment officer); Marie Arnaud-Battandier (managing partner); Maxime Séquier (senior investment manager).

Advisers
Equity – Natixis Partners, François Rivalland, Philippe Charbonnier, Joseph El Khoury, Romain Azoulai (M&A); BL&A, Anne-Laure Bénet, Victoire Potocki (environmental due diligence); Weil Gotshal & Manges, Frédéric Cazals, Edouard de Lamy, Alexandre Groult, James Clarke, Paul Leroy, Alexandra Stoicescu (legal); Pérez-Llorca, Paula De Biase (legal); PwC, David Willems, Julien Honorat, Camille Chatelle (financial due diligence); Horizons Partners, Alain Polonsky (commercial due diligence); Aecom, Bertrand Latrobe, Julie de Valence (environmental due diligence); Satec, Pierre Le Morzadec, Charles-Edouard Traeger (insurance due diligence).
Vendor – Stifel Nicolaus & Co, Lionel Aillerie, Charline Plessis (M&A); Ashurst, Bertrand Delaunay, Sébastien Ouvry (legal); PwC, Eric Douheret, Arélien Guilloux (financial due diligence); Roland Berger Strategy Consultants, Patrick Biecheler, Julien Gauthier (commercial due diligence);
Company – AZ & Cie, Julien Alvarez (legal); Weil Gotshal & Manges, Stéphane Chaouat (tax).
Debt – Jones Day, Diane Sénéchal (legal).

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• Topics
• Buyouts
• France
• Healthcare
• Exits
• France
• Ardian (formerly Axa PE)
• AtriA Capital Partenaires
• Naxicap
• Secondary buyout