Astorg, Montagu partially exit Sebia to CDPQ

Astorg and Montagu are partially exiting their stake in CDPQ, selling a "significant minority stake", and will remain the majority owners within Sebia, a source familiar with the matter confirmed.

The GPs have supported Sebia through several buyout transactions over recent years. Over their holding period, Sebia has focused on upgrading its technology and applying it to niche markets where it can provide clear medical diagnostics. The company also expanded into adjacent therapeutics sectors. 

With the support of CDPQ, Sebia intends to pursue its current strategy – bolstering its position in the field of multiple myeloma diagnostics, expanding its diabetes franchise, and exploring other applications for its technology. Acquisition opportunities in the diagnostics sector will also be considered, the new investor said in a statement.

Both parties declined to comment on the transaction when contacted by unquote". The transaction is subject to approval by the relevant authorities.

Debt
According to unquote" sister publication Debtwire, Nomura is acting as the sole bookrunner on the financing of the LBO. Coordination of the financing will occur following the summer break, the publication added, quoting an anonymous source.

Sebia reportedly allocated a €477m term loan B repricing and add-on last December.

Previous funding
In June 2014, Montagu and Astorg entered exclusive negotiations to acquire Sebia from Cinven, marking the company's second spell under the consortium's ownership.The deal was believed to be valued at €1.35bn, with Goldman Sachs and Nomura providing a senior debt package for the deal, which was said to be worth 7x EBITDA.

While the deal was the second time Sebia has been under the dual ownership of Montagu and Astorg, the latter remained a shareholder in the company since its original investment in March 2001. The sale rewarded previous owner Cinven with a 2.4x return.

Cinven acquired Sebia in March 2010 from Montagu for €800m, using capital drawn from its fourth fund. Prior to the sale, Montagu held a 50.1% stake, while Astorg owned 16% and ICG held 13%, with management owning 20%. Montagu reaped a 3x return.

Montagu acquired its stake in Sebia in August 2006 through a €400m buyout that saw Astorg exit part of its existing stake and retain 16%. Astorg, which was Sebia's first investor, secured a 57.5% stake in Sebia in March 2001 via the Astorg II vehicle, leading a €70m MBO that also saw CIC Capital Développement acquire a 10.9% stake.

Company
Founded in 1967 and headquartered in Lisses, Sebia develops clinical protein electrophoresis equipment and reagents for use in in-vitro diagnostics (IVD) testing. The company produces equipment designed to analyse proteins for the diagnosis of diseases such as blood cancer and diabetes.

People
Caisse de dépôt et placement du Québec – Stéphane Etroy (executive vice-president, head of private equity).
Sebia – Benoît Adelus (CEO).

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• Topics
• Exits
• France
• Healthcare
• France
• Cinven
• Astorg Partners
• Montagu Private Equity
• Partial sale