Capital Croissance exits BioBank

A debt package was provided by BPI France to support the transaction.

The deal saw Capital Croissance make a 4-4.5x return on investment, according to the firm's president, Eric Neuplanche.

Following the transaction, Capital Croissance will reinvest in the company by acquiring a minority holding, alongside existing investor Turenne Capital, which will retain its minority stake.

The sale ends a four-year holding period for Capital Croissance, which invested in BioBank alongside the company's management team, by acquiring a majority stake in the business via its Cairn Capital I fund. Following this deal, existing investor Turenne Capital retained a minority holding in the company.

Cairn Capital I held a final close on its €75m hard-cap in January 2015. BioBank represents the fourth exit made by the fund in the last year, after the divestments in Safe, Altima and HL Trade.

Under Capital Croissance's management, BioBank doubled its size and increased its revenues from around €6m in 2014 to €12m generated in 2017. It also expanded internationally, especially in Switzerland, Poland and Spain.

NewAlpha established Verto Capital Management in 2016 to launch a Growth Equity Fund specialised in technology, media, telecommunications, healthcare and industrial companies. In addition to this, the firm is currently deploying capital from its first venture capital fund, which held a final close on €56m in June 2017 and focuses on fintech companies.

Company
Established in 1999 and based in Seine-et-Marne, BioBank operates as a bone and human tissue bank by providing bone grafts based on recycled human femoral heads. The company has 2,500 clients and generated revenues of €12m in 2017.

People
Capital Croissance – Eric Neuplanche (president, founder); Julie Masson, Cédric Boxberger (associates).
NewAlpha Verto – Antoine Dary (managing director).
BioBank – Patrick Joucla (president).

Advisers
Vendors – Clearwater International (M&A); Bignon Lebray (legal).

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• Topics
• Exits
• Buyouts
• France
• Healthcare
• Capital Croissance
• France
• Secondary buyout