Ardian sells Citoxlab to trade in €448m deal

The purchase price implies a multiple of 13.8x pro forma EBITDA based on Citoxlab's estimated last 12-month results prior to the anticipated close. This is expected to reduce to 11.7x pro forma EBITDA, based on the estimated forward 12-month results after the anticipated close.

The proposed acquisition and associated fees are expected to be financed through Charles River's existing revolving credit facility and cash.

Via the Citoxlab acquisition, Nasdaq-listed Charles River intends to bolster its presence in growing end markets, enhance its global scale and geographic footprint, and augment its scientific capabilities.

The business was first acquired by Ardian in 2016 and at the time the company generated a €90m turnover, according to French publication Capital Finance. 

The GP backed the business via its €4.5bn Ardian LBO Fund VI vehicle, closed in 2016, Unquote understands. 

Company
Founded in 1969 and headquartered in Évreux, Citoxlab is a non-clinical contract research organisation specialising in regulated safety assessment services, non-regulated discovery services, and medical device testing.

The business has facilities in France, Canada, the US, Denmark and Hungary. It carries out studies in areas such as carcinogenicity, bioanalysis, immunology and safety pharmacology.

People
Charles River Laboratories - James Foster (chair, president, CEO).
Citoxlab - Jean-François Le Bigot (chair, CEO).

Advisers
Equity – Evercore (corporate finance), Axinn, Veltrop & Harkrider (legal).
Company - Goodwin Procter (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• France
• Healthcare
• France
• Ardian (formerly Axa PE)
• Trade sale