Ardian’s Hypred acquires Paragon Partners' Anti-Germ

The transaction represents the first bolt-on completed by Hypred since Ardian acquired the company last year, and is in line with the GP's international expansion project for the group.

The combined entity should generate a turnover of around €180m, with Anti-Germ currently representing around €80m. The groups claim they will then form the world's third-largest provider of disinfection, hygiene and animal supplement services to the food and agricultural industry.

Hypred CEO Sébastien Bossard will stay in his role. The merger will be completed over the next few months, with both management teams working together to determine the future structure of the company.

Geographically speaking, the new group will have a strengthened European presence with a wider coverage and network, with a stronger exposure to the Asian, South American and US markets.

Previous funding
In May 2015, Paragon simultaneously acquired Anti-Germ and Medentech, previously part of the Israel Chemicals group (ICL), a specialty minerals manufacturer. Both units together generated approximately €75m in sales and employed around 400 people.

In May 2016, Ardian entered into exclusive negotiations with Roullier Group to acquire Hypred. Hypred represented 3% of Roullier's activity, according to company sources close to the deal. BNP Paribas, CIC, Natixis and Bank of Ireland provided debt funding in the transaction, which was completed in October.

Company
Founded in 1938, Anti-Germ specialises in the provision of disinfection and biosecurity systems intended for the food, beverage and agricultural markets. The group is also involved in the disinfection of water with its brand Medentech. It is present in 16 countries worldwide and has eight industrial sites in France, Germany, Austria, Poland, Hungary, Ireland, China and Turkey. In 2016, Anti-Germ achieved a turnover of €80m.

Hypred is a Roullier affiliate founded in 1985 that specialises in the production and sale of hygiene and cleaning products for the food processing industry and farming. The group now operates in 40 countries and has around 450 employees worldwide. In 2016, Hypred achieved a turnover in excess of €100m.

People
Ardian – Thibault Basquin (managing director, Ardian mid-cap buyout); Alexandre Vannelle (director); Nicolas Darnaud (senior investment manager); Alexis Manet (analyst).

Advisers
Equity – Latham & Watkins, Xavier Farde, Carla-Sophie Imperadeiro, Olivia Rauch Ravise, Yann Auregan, Frederic Pradelles, Chloé Cluzel, Gregor Klenk, Gaëtan Gianasso, Stefan Wirsch (legal); Bain & Cie, Jérôme Brunet, Andrea Gondekova (commercial due diligence); Accuracy, Frédéric Loeper, Markus Schneider (corporate finance); Latham & Watkins, Gregor Klenk, Stefan Wirsch (legal); Taxess, Gerald Thomas, Richard Schaefer (tax); Deas (insurance due diligence); URS, Julie de Valence, Christian Lemaitre (environmental due diligence); Natixis, Arnaud Brogi, Mikael Poirier, Fabrice Carlioz, Jad Sader (corporate finance).
Vendor – Gütt Olk Feldhaus (legal); Lincoln International (M&A); Ebner Stolz (tax).

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