Five Arrows to sell stake in Dutscher to LBO France

Eliza Punshi
03 March 2020

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LBO France is in exclusive negotiations to acquire a majority stake in French medical analysis equipment distributor Dutscher from Five Arrows and Maxime Dutscher.

The transaction will see LBO France acquire a majority stake, while the existing management team led by Dominique Wencker will also participate in the transaction.

The company's EBITDA for 2019 was €15m. The transaction is expected to complete in the third quarter of 2020.

LBO France's investment will support the management of Dutscher in accelerating the group's development in France and overseas.

Previous funding
Five Arrows previously acquired a minority stake in Dutscher in 2013 for an undisclosed amount of between €50-100m.

Company
Founded in 1982 and based in Brumath near Strasbourg, Dutscher produces R&D laboratory consumables and equipments. It generates revenues of around €240m and employs more than 700 people across nine European countries. The company has grown through acquisitions in France, Italy, the UK and Spain, with 50% of its revenues generated outside of France.

People
LBO France - Thomas Boulman (partner).
Dutscher - Dominique Wencker (CEO).

Advisers
Equity – Deloitte (financial due diligence, commercial due diligence).
Vendor – EY (financial due diligence); LEK (commercial due diligence); De Pardieu Brocas Maffei (legal, tax).
Company - Delaby & Dorison (legal).