Truffle et al. exit Vexim in €162m Stryker deal

Stryker offered €20 per share and €3.91 per convertible bond. This represents an aggregated equity value on a fully diluted basis of approximately €183m, corresponding to an enterprise value of approximately €162m.  

Stryker stated it will file a simplified cash public offer to purchase all remaining Vexim shares and warrants.

Truffle has supported Vexim since inception in 2006, while BPI France and Kreaxi also backed the business later on. The three GPs controlled 51% of the shares prior to the Stryker deal. Vexim then listed on Euronext Paris in 2012.

Company
Vexim was founded in 2006 in Toulouse and specialises in minimally invasive solutions to treat the causes and consequences of vertebral fractures. The medical technology company generated a turnover of €18.5m in the 2017 financial year.

People
Truffle Capital – Patrick Kron (chair).
Vexim – Vincent Gardès (CEO).

Advisers
Equity – BNP Paribas (M&A); Skadden Arps Slate Meagher & Flom (legal); PwC Transaction Services (financial due diligence).
Company – Goldman Sachs (M&A); Dechert (legal).

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