Novalpina buys majority stake in Laboratoire XO

News portal Capital Finance reported that the deal values the company at more than €300m, and that debt fund manager Ares provided a unitranche facility for the deal.

The company in 2019 generated a turnover of €46m in 2019 and has already carried out 11 acquisitions, according to press reports. CEO Karine Pinon said in a statement that the GP's backing accelerated its aim to "grow our product portfolio through acquisitions, expand into new strategic markets, and deepen the French market for our existing drugs".

The GP is currently deploying equity from its £1bn first fund, Novalpina Capital Partners I, which held a final close on its target in March 2019. The fund seeks buyout and growth investments, and acquires majority stakes in mid-market businesses in DACH, the UK and France with enterprise values of €200-500m.

The Capital Finance report also said that Eight Advisory and Weil Gotshal & Manges supported the GP, while the company was advised by Neuflize OBC and LMT Avocats.

Company
Founded in 2015 and based in Saint-Cloud, Laboratoire XO is a pharmaceutical company focused on production and distribution of prescription drugs treating chronic diseases. The company employs 30 staff and generated a turnover of €46m in 2019.

People
Laboratoire XO – Gerard Leduc (founder); Karine Pinon (co-founder, CEO).
Novalpina Capital – Stefan Kowski (founding partner).

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• Topics
• Buyouts
• France
• Healthcare
• France
• Mid-market buyout