Sagard to acquire Sterimed in SBO

The deal, sourced in a proprietary fashion, sees the company valued in the €100-150m range, Unquote has learned.

The GP used its Sagard III fund for the transaction; the fund closed on €800m in 2017. The fund typically targets companies with a turnover in the €100-300m range, with equity tickets of €50-100m.

The GP is investing alongside the management team, led by Thibaut Hyvernat.

The company completed the acquisition of France-based ATH Medical in 2017 and is now in exclusive negotiations to buy a sterilisation packaging manufacturer based in North America, with around €25m in turnover, and a similar company in China, with revenues of approximately €15m. These transactions should be completed in the coming weeks.

Sagard intends support the business in its product development as well as international expansion. 

Previous funding
Meeschaert carved out Arjowiggins Healthcare (which then rebranded to Sterimed) from packaging group Arjowiggins in 2016. The healthcare division reported annual consolidated sales of approximately €77m in 2015.

Meeschaert used its €85m in Meeschaert Private Equity Fund, closed in 2014, to acquire a majority stake.

Company
With origins dating back to 1911, Sterimed is a manufacturer of sterile packaging for medical devices. The company engineers, produces, converts and markets several bacterial barrier substrates, preformed sterilisation wraps and other products for both hospitals and medical device manufacturers.

Sterimed generates €140m turnover and employs 900 people. The business is based in Boulogne-Billancourt. 

People
Sterimed – Thibaut Hyvernat (chairman).
Sagard – Saïk Paugam (partner).
Meeschaert Capital Partners – Hervé Fonta (chairman).

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