PAI enters exclusivity with Ergon for EliTech SBO

A source close to the deal told unquote" sister publication Debtwire the deal would value EliTech at more than €350m.

Ergon purchased the French manufacturer of in-vitro diagnostic equipment in 2010 in a deal valued at just more than €100m. Since then, EliTech has purchased Vital Diagnostics, a US firm that produces and distributes in-vitro diagnostics equipment and reagents focusing on clinical chemistry and hematology.

The proposed deal would be the 12th investment for PAI's 2013 vintage fund PAI Europe VI, which raised €3.3bn against a €3bn target at its final close in March 2015. Four of the companies in fund VI's portfolio operate in the healthcare sector. Prior to the EliTech deal, unquote" estimated that 60% of fund VI had been deployed.

Ergon's last exit was the sale of clothing company Golden Goose to Carlyle Europe Partners in another secondary buyout.

Company
Founded in 1997, EliTech is a mid-sized firm developing in-vitro diagnostic equipment and reagents with strong positions in niche and growing sub-segments of molecular diagnostics, microbiology and clinical chemistry.

People
Ergon Capital – Wolfgang de Limburg (managing partner).
PAI Partners – Stefano Drago (partner).

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• Topics
• Buyouts
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• France
• Healthcare
• Secondary buyout
• France
• PAI Partners