Astorg, Montagu fully exit Sebia

The deal is believed to be valued at around €2bn, which would be equivalent to 15x Sebia's €130m EBITDA. The CVC and Téthys offer is understood to have come pre-emptively, prior to a wider process being launched in early 2018.

CVC will invest via its Strategic Opportunities platform, which was established to offer large investors the ability to invest in the longer term in stable businesses with a medium risk/return profile. Téthys Invest is a subsidiary of Téthys, the main shareholder of L'Oréal, and acts as an investment vehicle for the Bettencourt-Meyers family.

The transaction is subject to workers' council information and consultation, and to the approval of the relevant regulatory authorities.

Astorg and Montagu sold a stake believed to be around 40% to Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) in August. The two GPs retained a majority stake following the partial exit.

Debt
Sebia underwent a portable refinancing totalling €1bn in Q3. It is understood to have included a PIK element and a recap for existing shareholders.

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 testing. The company produces equipment designed to analyse proteins for the diagnosis of diseases such as blood cancer and diabetes.

Sebia reportedly posted revenues of €200m last year and employs 530 people.

People
Sebia – Benoit Adelus (chair).

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• Topics
• Exits
• France
• Buyouts
• Healthcare
• France
• Astorg Partners
• Montagu Private Equity
• CVC Capital Partners
• Secondary buyout