LFPI Gestion exits Accolab in trade sale

LFPI Gestion acquired Accolab in 2015, investing alongside Alain Dalléac, the former CEO of France-based Unilabs. The new shareholders intended to pursue a build-up strategy.

The original acquisition represented LFPI Gestion’s fifth investment in the healthcare sector, following mental health services specialist Inicea, health and sport supplements producer EA Pharma, medical beds and mattresses producer Winncare and medical equipment distributor Holtex.

The company’s buyer, Cerba Healtchare, was sold in 2017 by PAI Partners to Partners Group and Canadian pension fund Public Sector Pensions Investments (PSP Investments). The transaction was valued at €1.82bn or around 12x the company's EBITDA. The value was significantly higher than in the previous deal, in which the group had been valued at around €500m. 

Company
Founded in 2010 and based in Paris, Accolab operates 27 laboratories. The business provides medical diagnostics and serves both private individuals and healthcare institutions. With facilities mostly in France but also in Spain, it employs 250 people.

Accolab recorded €30m in revenue last year, according to Unquote sister publication Mergermarket. The piece cited sources claiming that the expected EV could be just in excess of €100m.

People
Accolab - Alain Dalléac (owner).
LFPI Gestion - Olivier Lange (managing director).

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• Trade sale