Mérieux holds first close for MP3

MP3 was launched in July 2018 with the support of the Mérieux family. The vehicle's fundraising target exceeds €300m and its hard-cap amounts to €350m, a person familiar with the situation disclosed.  

A second closing is expected by the end of the year, while the fund should hold a final close in H1 2019, Unquote understands.

Mérieux Equity Partners is the PE division of Mérieux Développement, an evergreen fund specialised in the healthcare and nutrition sectors. Mérieux Equity Partners is dedicated to venture capital and growth equity investments, and has been registered under the AMF regulatory agency since June 2018. The GP counts seven regional partners.

Mérieux Développement, prior to the founding of Mérieux Equity Partners, operated the Mérieux Participations (MP2) vehicle, which received commitments from both the Mérieux family and listed investment holding company Groupe Bruxelles Lambert. Launched in 2014, the fund closed on €150m.

Investors
The GP is expecting European and US-based family offices and institutional investors to back the fund. A spokesperson for Mérieux Equity Partners told Unquote that co-investment with LPs will be encouraged.

Currently, the LP base is French and Benelux-based; in addition to the Mérieux family holding, MP3 benefits from the support of family office investors Dassault Holding (GIMD) and institutional investors Crédit Agricole Centre-Est, Crédit Agricole Assurances and Compagnie Financière La Luxembourgeoise. These backers are responsible for 60% of the commitments to-date.

Investments
The new fund will focus on growth equity investments, in support of small- to mid-cap companies in western Europe and North America.  Like the previous funds, MP3 will target health-related companies with the new vehicle, though the new generation fund will also focus on the nutrition sector, investing in companies specialising in food safety, for example.

Providing funding of €20-40m per company, MP3 will execute buyout transactions as well as traditional growth equity deals. The vehicle plans to complete 10 investments in total, of which three or four should take place before year-end, Unquote understands.

The vehicle has been already used for two investments, France-based Stiplastics Healthcaring and Belgium-headquartered Biobest.

Mérieux, alongside Gimv, backed Stiplastics Healthcaring in January 2018 via its second generation fund. Subsequently, MP3 also provided funding for the investment, so currently Merieux is invested in Stiplastics via both vehicles. The company has started a build-up strategy and bolted on France-based Rovipharm and RR Plastiques. 

MP3 acquired a minority equity position in Biobest, a Belgian company commercialising a range of integrated biological control products for the pollination and natural crop protection market.

People
Mérieux Equity Partners – François Valencony (president).

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