The Carlyle Group buys LPG Systems

The Guitay family, the historic owners of the business, will retain a minority stake in LPG.

The GP will draw equity for the transaction from its vehicles Carlyle Europe Technology Partners III, closed on €656m in 2015, and Carlyle Asia Growth Partners V, which held a final close this June on $6.55bn.

French publication Capital Finance reported that the transaction values LPG in the €160-190m range and that the business posts EBITDA of €20m. The Carlyle Group declined to comment on the transaction's financials. 

The GP aims to support the company's continued international expansion, particularly in China and Japan, thanks to Carlyle's network in the region.

The buyout was supported by an unitranche debt package provided by Capzanine.

Company
Founded in 1986 and based in Valence, LPG makes non-surgical medical devices that operate therapeutic and aesthetic applications related to body contouring, cellulite and fat reduction, facial rejuvenation, burn treatment, scar reduction, lymphatic drainage and neuro-physical training.

Physiotherapists, medical clinics, spas and luxury hotels in 100 countries currently use LPG devices. The business employs 5,000 people. 

People
LPG Systems – Nathalie Guitay (chair).
The Carlyle Group – Vladimir Lasocki (managing director and co-head, Carlyle Europe Technology Partners team); Ling Yang (managing director, Carlyle Asia Partners team).

Advisers
Equity – Messier Maris & Associes (legal); DLA Piper (legal); KPMG (financial due diligence).
Company – UBS (corporate finance); EY (financial due diligence); CMS Bureau Francis Lefebvre (legal).

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