IK and Carlyle sell Marle to Dentressangle

Francesca Veronesi
31 October 2019

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IK Investment Partners and Carlyle have entered into exclusive negotiations with family-investment holding company Dentressangle regarding the sale of France-based Marle International, a manufacturer of orthopaedic implants.

The transaction is valued at around €800m, French publication Capital Finance has reported. Capza will provide debt for the transaction, according to a statement.

Marle acquired Switzerland-based SMB Medical from private investment company Patrimonium in 2017. Under IK and Carlyle's ownership, the business also invested in product development and diversified its offering, the GPs said.

IK declined to comment on the transaction.

Previous funding
Carlyle, via its €530m Europe Technology Partners II fund, acquired 80% of Marle in 2009. The founding Marle family and the management team together retained 20% of the company.

Subsequently, IK bought a majority stake in the business in 2016 via its IK VII fund, which closed in 2013 on €1.7bn. Following the acquisition, previous owner Carlyle and the management team retained 20% each and IK the remainder. The deal was valued at €300-350m, Unquote reported at the time.

Company
Founded in 1964, Marle is a manufacturer of hip and knee implants, and instruments for the orthopaedic industry. The business serves medical technology companies worldwide, producing 1.5 million implants annually.

Headquartered in Nogent, the company operates six production sites in France and Switzerland, and employs 750 people. The company generates annual revenues of approximately €150m.

People
IK Investment Partners – Rémi Buttiaux (partner).
Marle International – Antonio Gil (president).
Dentressangle – Thierry Coloigner (managing partner).
Carlyle – Vladimir Lasocki, Charles Villet (partners).

Advisers
Equity – Messier Maris, Erik Maris, Driss Mernissi, Laura Scolan (corporate finance); Wil Consulting, Jacques Ittah (corporate finance); Bredin Prat, Olivier Assant, Adrien Simon, Karine Sultan (legal); Bain & Company, Jean-Marc Leroux, David Gautard (commercial due diligence); Eight Advisory, Stéphane Vanbergue, Christophe Puissegur (financial due diligence); Guillaume Rembry, Baptiste Gachet (tax); Simmons & Simmons, Guillaume Denis-Faure, Simonetta Giordano (legal).
Vendor – Natixis Partners, Francois Rivalland, Julien Plantive (corporate finance); DLA Piper, Xavier Norlain, Aymeric Robine (legal); Willkie Farr & Gallagher, Eduardo Fernandez (legal); BCG, Benjamin Entraygues, Florian Kahn, Chloé Caparros (commercial due diligence).