Ekkio Capital exits Amatsigroup

Amatsigroup is said to be valued at €130m in the transaction, non-inclusive of its residual debt.

The GP said it had signed an exclusivity agreement with Eurofins, with the transaction expected to be completed in the next few months.

Eurofins provides biopharmaceutical products testing, with a focus on genomics.

Over Ekkio's holding period, which lasted between 2010-2017, Amatsigroup completed several strategic acquisitions, including Belgium-based groups Seps Pharma in 2014 and QBiologicals in 2016, and Bordeaux-based Disposable Lab last January. The business also became the owner of Pierre Fabre's pharmaceutical analysis laboratory in 2015, and of two Bertin Pharma sites earlier this year.

Last year, Amastigroup's turnover grew by 33% compared to the previous year to reach €60m.

Previous funding
In October 2010, Acto Capital backed the management buyout of Amatsigroup for an undisclosed amount. The GP invested via the Acto Capital II fund, closed on €90m in 2009 and investing €5-15m per transaction. Acto Capital became Ekkio Capital in 2013.

Company
Founded in 2010 by Ekkio, Amatsigroup was formed through the merger of four companies: Avogadro, Amatsi, DBI and Avepharm. The business is an international contract development and manufacturing organisation providing pre-clinical and clinical services for the development of human and veterinary drugs. Until 2010, the company was known as CRID Pharma, founded in 1993.

Based in Saint-Gely-du-Fesc, near Montpellier, Amatsigroup posted €60m in revenues in 2016. The company has 450 employees across 11 sites – eight in France, two in Belgium and one in the US.

Advisers
Vendor – Rothschild & Co, François de Breteuil, Robert Rozemulder, Eleonora Giorni (corporate finance); CMS Bureau Francis Lefebvre, Philippe Gosset, Vincent Delage (legal); Deloitte, Thomas Fischer (financial due diligence); Willkie Farr & Gallagher (legal).

People
Ekkio Capital – Thibaud Gachet (managing partner).
Amatsigroup – Alain Sainsot (managing director).
Eurofins – Gilles Martin (CEO).

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• France
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• Ekkio Capital
• Trade sale