BPI France and UI Gestion acquire Theradial in MBO

Francesca Veronesi
24 October 2017

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Theradial, a French B-to-B distributor of medical equipment, has been backed by BPI France and UI Gestion in a management buyout.

The value of the transaction was not disclosed, however GPs BPI France and UI Gestion jointly acquired a majority stake.

The MBO coincides with a change of management, which sees Frederic Le Pottier taking on the role of CEO in the place of Bruno Duval, who has led the company since inception and remains a shareholder.

Senior debt for the deal was provided by LCL, Societe Generale and CIC, according to French publication Capital Finance.

BPI France invested via the €300m FSN PME fund. The vehicle was launched in June 2011 with the aim to invest in innovative French startups. The fund invests €1-10m in young companies, according to unquote" data.

UI Gestion's MI 5 fund invests either in growth capital transactions or small LBO deals. When launched, the fund had a target of between €80-100m. The GP seeks to invest between €2-10m per transaction for a minority or majority stake in French companies that typically have an enterprise value of between €10-50m.

Company
Theradial, founded in 1998 and headquartered in Nantes, distributes medical devices, specialising in dialysis, gastro-enterology and onco-hematology. It generates a turnover of €26m and has a staff of 30.

People
Theradial - Frederic Le Pottier (CEO).
UI Gestion - Olivier Jarrousse (managing partner), Sébastien Alauzet (investment director).
BPI France - Nicolas de La Serre (investment director).

Advisers
Equity - Deloitte, Philippe Serzec, Armel Pédron (financial due diligence); De Pardieu, Brocas Maffei, Cédric Chanas, Julien Meillereux (legal).
Company - Edmond de Rothschild Corporate Finance, Philippe Flament, Sébastien Auger (corporate finance) ; Villechenon, Gilles Roux, Tristan Segonds (legal) ; KPMG, Arnaud Colas (financial due diligence).