BDC to exit dental imaging company Acteon
Bridgepoint Development Capital has entered negotiations with family investment holding company Dentressangle in a bid to sell its majority stake in French dental equipment producer Acteon Group.
The exit represents 3.3x money multiple for Bridgepoint Development Capital, Unquote understands.
Under the ownership of Bridgepoint, Acteon established a presence in the US. The business also entered the Latin American market in December 2017 via the acquisition of Brazilian dental equipment distributor Micro-Imagem.
Dentressangle said it intends to bring its entrepreneurial culture to Acteon in order to strengthen its position as a partner for dental surgeons. It also plans to accelerate the development of the company through increased R&D activity, expanding its global reach and implementing an external growth strategy.
Acteon was the second investment in France made by Bridgepoint from its €350m Bridgepoint Development Capital II fund. In January 2016, the fund acquired French electronic equipment producer Anaveo.
Previous funding
Edmond de Rothschild Capital Partners (EdRCP) led the secondary buyout of Acteon from its previous shareholders in December 2005. The private equity house acquired a 51% shareholding in newco Financière Noé, alongside previous investors IDI and Edmond de Rothschild Investment Partners, which committed to the company in 1991 and 1994 respectively.
Bridgepoint acquired Acteon in March 2016. The deal saw EdRCP sell its majority stake to BDC. Private debt investors Capzanine and European Capital provided financing to support the transaction.
Company
Established in 1991 when it span out from Sanofi, and headquartered in Mérignac, Acteon designs, manufactures and distributes equipment for the dental and medical equipment sectors. It employs a staff of 850 across five plants in Europe.
The company reported a turnover of €162m last year. It generates 85% of its sales outside France, with main markets in the US, China, Spain, the Middle East and Japan.
People
Bridgepoint Development Capital – Olivier Nemsguern (partner).
Acteon Group – Marie-Laure Pochon (CEO).
Dentressangle – Thierry Coloigner (managing partner).
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