Stage Capital exits STI Group in SBO

Francesca Veronesi
18 January 2018

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Stage Capital has sold its 92.5% stake in French plastic medical devices manufacturer STI Group to Mérieux Développement and Gimv for an undisclosed sum.

The GP disclosed that its investment generated a return in excess of 6x.

Stage Capital completed a spin-out from NBGI Private Equity in October 2016, backed by funds managed by Goldman Sachs Asset Management and Glendower Capital. The GP is currently investing through its main Stage Capital fund.

A source close to the deal confirmed that Gimv and Mérieux Développement secured a joint majority stake in excess of 80%, with the two GPs holding similar stakes. Management has retained a minority stake.

Gimv used its listed vehicle as well as the Gimv Health & Care Fund for the transaction. The latter was closed in 2014 on €150m and invests up to €25m per deal, according to unquote” data.

The deal was funded on an all-equity basis.

Previous funding
NBGI Private Equity bought a majority stake in STI in 2013. Equity was sourced from NBGI Private Equity France Fund I.

Company
Founded in 1985, STI designs, develops and manufactures plastic products for the pharmaceutical industries and the health sector. The group is expected to achieve a turnover of €21m in the 2017/18 financial year, 98% of which will be generated in the health sector. The company's revenues amounted to €12.5m at the time of NBGI's acquisition.

Exports amount to 55% of the company's turnover with the US being a main geography. Its client base includes Novartis, Sanofi Aventis, Bristol-Myers Squibb and Danone. The company's headquarters are in Saint Marcellin and it employs 90 staff.

People
Stage Capital – Graham Thomas (CEO); Laurent Allégot (partner).
Gimv – Eric de Montgolfier (partner).
Mérieux Développement – Valérie Calenda (partner).
STI Plastics – Jérôme Empereur (CEO).