Eurazeo PME to acquire 80% of In'Tech Medical for €78m

Eurazeo PME is taking over from TCR Capital, which had been majority shareholder since 2012.

Investing alongside In'Tech's management, Eurazeo will provide a mix of equity and convertible bonds. The acquisition is the second completed with Eurazeo PME III, for which the GP held a first close on €586m earlier this month. The vehicle targets French mid-cap businesses valued between €50-200m, and deploys equity tickets of €20-100m.

With TCR's backing, In'Tech's revenues increased from €30m in 2012 to €55m last year. The business reports an average growth rate of 15% over the past 15 years, with most of its sales currently generated in the US. In 2015, it acquired American business Turner Medical, which was completed by a further acquisition in Malaysia (Ortho Solutions) the following year.

Eurazeo said it would keep supporting In'Tech's international development with other external acquisitions in the pipeline, and consolidate the company's position in its market segment.

Previous funding
In 2012, TCR Capital acquired a majority stake in In'Tech Medical with Arkéa Capital acting as co-investor on the transaction.The company's founders and management also invested alongside the GPs. Societe Generale, Crédit Agricole Nord de France and Caisse d'Epargne provided a senior debt package to finance the transaction, while Idinvest Partners provided a mezzanine tranche.

Company
Founded in 1999, In'Tech Medical is a manufacturer of orthopaedic surgical instruments and implants. The company focuses on the knee, shoulder, hip and spinal surgery markets.

Currently employing around 500 people, In'Tech Medical owns two France-based production sites in Rangs-du-Fliers and Toulon, as well as one in the US and one in Malaysia. It generated revenues of €55m in 2016, two thirds of which were in the US.

People
Eurazeo PME – Emmanuel Laillier (managing director).
TCR Capital – Fabien Bernez (associate director).

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