Ardian, BNP Paribas back Proteor

Proteor's founding family will retain the majority of the share capital, according to a spokesperson for Ardian.

Ardian invested via its growth equity arm, Ardian Growth. The latest vehicle raised for this strategy is Ardian Growth II, which closed on its hard-cap of €230m in 2018. The fund does both minority and majority acquisitions, providing equity tickets in the €5-25m range to businesses with a turnover of €5-100m.

The capital injection was the first external round of funding for the business and will facilitate the acquisition of US-based Freedom Innovation from Otto Bock Healthcare North America. The bolt-on is in line with the company's international expansion strategy, and will bolster its components and materials division. It is also expected to add to its technical offering, especially with regard to microprocessor-controlled knees and new-generation prostheses for ankles and feet.

BECM-CIC arranged a financing package to further support the acquisition, with the participation of BNP Paribas, LCL, Banque Populaire and Crédit Agricole.

Ardian and BNP Paribas stated that the investment would more widely support the company in the next stages of its growth and international expansion.

Company
Established in the early 1900s, Proteor produces and distributes orthopaedic devices, along with developing related components and software. Based in Dijon, Proteor employs 900 people and generates more than 20% of its turnover overseas, with operations in France, Europe, the US, China and Japan.

People
Ardian – Alexis Saada, Frédéric Quéru (managing directors).
BNP Paribas Developpement – Gilles Poncet, Guillaume Wolf (investment directors).

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• Topics
• Expansion
• Healthcare
• France
• Acquisition finance
• Build-up
• Venture
• Ardian (formerly Axa PE)
• BNP Paribas Développement