Sagard NewGen backs Laboratoires Delbert

Alessia Argentieri
15 September 2020

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Sagard NewGen has taken part in a €40m investment for French pharmaceuticals company Laboratoires Delbert.

The company intends to use the fresh capital to finance its expansion and acquisition strategy.

Unquote understands that Sagard NewGen invested an equity ticket of around €10m to acquire a minority stake in the company.

A consortium composed of Socadif Capital Investissement, Idia Capital Investissement and health insurer Mutuelle d'Assurance du Corps de Santé Français (MACSF) deployed an additional €10m in equity. The remaining €20m was a unitranche facility provided by BPI France Investissement and CIC Private Debt.

Sagard NewGen was launched in July 2020 with a €300m target and has recently held a first close just south of €150m. It expects to hit its target and hold a final close by the end of 2021.

The fund is led by three founding partners: Bérangère Barbe, Agnès Huyghues Despointes – both formerly partners in Sagard MidCap fund – and Guillaume Lefebvre, who is joining the team from Keensight Capital.

The vehicle invests in majority and minority stakes of European companies operating across the healthcare and technology sectors, generating EBITDA of €2-15m and revenues of up to €150m.

The fund deploys equity tickets in the €10-50m range. It intends to use moderate leverage of 3x EBITDA on average, and only when it would be useful to optimise the expansion, buy-and-build and growth strategies of its portfolio companies.

Sagard NewGen has a rich pipeline and plans to invest in at least one more company by the end of the year, the GP told Unquote.

Socadif is a wholly owned subsidiary of Crédit Agricole d'Ile-de-France. It invests up to €10m per deal in French SMEs. The tickets can be increased to €50m by bringing in other entities of the Crédit Agricole group. Socadif currently supports 30 businesses with high-growth potential.

Idia Capital Investissement manages the Crédit Agricole group's minority investment activities. It has a special focus on the agri-food, wine production, energy transition, healthcare and tourism sectors, and deploys tickets of €1-50m.

Company
Delbert is a pharmaceuticals company that specialises in acquiring and reintroducing drugs affected by supply shortages in various therapeutic areas, including oncology, infectious diseases, pneumology, ophthalmology and psychiatry.

The company focuses on finding suppliers of active substances and transferring manufacturing expertise to sites primarily located in Europe.

Delbert was established in 2002 and is headquartered in Paris. It expects to reach revenues of €15m in 2020.

People
Sagard NewGen – Bérangère Barbe, Agnès Huyghues Despointes, Guillaume Lefebvre (founding partners).
Socadif Capital Investissement – Thierry Antonini (investment director).
Idia Capital Investissement – Arnaud Pradier (managing director).
Laboratoires Delbert – Marc Childs, Thierry Hoffmann (managers).