Ardian buys Inovie minority

The GP is currently investing from Ardian Buyout Fund VII, which was announced in March 2019 with a target of €6bn. The fund has made a first close and the fund was 25% deployed as of August 2020.

The transaction was made through Inovie's subsidiary, Labosud.

The acquisition was approved by a large majority of the group's shareholding employees, with 93% of votes in favour. Employees will reinvest significant capital as part of the transaction to retain a majority stake and voting rights, according to a statement.

The management team will remain in charge of business operations.

Following the deal, Inovie will pursue an external growth and diversification strategy based on the development of its specialties, an acceleration of its digital strategy, and international expansion.

Ardian has been in discussions with the company's president, Georges Ruiz, for the past nine months, according to a statement.

Company
Founded in 2010, Inovie is an independent medical diagnostics service in France, with a focus in southern and central France. It is based in Montpellier. Inovie's biologists and 4,500 employees deliver clinical pathology testing.

Advisers
Equity – Rothschild & Co, Laurent Baril, Robert Rozemulder, Youssef Bouallou, Pierre-Yves Lebot (corporate finance); Edmond de Rothschild, Pierre Boscher, Arnaud Petit, Aurélien Bouvier, Victor Auguin-Rougier (corporate finance); Latham & Watkins, Gaëtan Giannasso, Michael Colle (legal); Xavier Farde, Carla-Sophie Imperadeiro (debt advisory); Bain & Company, Jérôme Brunet, Agnès Houdaille, Ghofrane Maaroufi (commercial due diligence); EY, Hervé Jauffret, Elsa Abou Mrad, Vincent Magaud (financial due diligence); Olivier Sibenaler, Olivier Nicolle, Paul-Louis Royer (commercial due diligence); Indefi, Emmanuel Parmentier, Charlotte Salmon (environmental due diligence); Siaci Saint Honoré, Pierre de Rochebouët, Anne Rougerie (insurance due diligence).
Vendor – BNP Paribas, Marc Walbaum, Alexandre Greco, Xavier Caron, Hui Zhao (corporate finance); Weil Gotshal & Manges, Jean Beauchataud, Romain Letard, Michaël Koubi (legal); PwC, Philip Dykstra, Frédéric Spielrein, Pierre-Mikhaël Voyer (financial due diligence); Callisto Finance, Vincent Aymé, Tancrède Caulliez (corporate finance).

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• Topics
• Buyouts
• France
• Healthcare
• France
• Ardian (formerly Axa PE)
• Minority investing