Montagu buys IMV from Qualium

Alessia Argentieri
20 January 2021

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Montagu Private Equity has entered exclusive negotiations to acquire IMV Technologies from Qualium Investissement.

According to press reports, the company is valued at around €250-300m, at 10-12x its EBITDA of approximately €25m.

Following the deal, the GP intends to boost the company's expansion both in France and internationally, while pursuing targeted M&A opportunities.

Qualium acquired IMV from Pragma Capital in October 2014. The GP bought a majority stake, while the company's management team reinvested and retained a minority holding. The deal valued the business in the region of €130m. Ardian arranged an €80m unitranche facility to support the transaction and provided the business with a €12m capex facility.

Under Qualium's ownership, the company has grown through seven acquisitions and additional investments in R&D.

Previous funding
Ofi Private Equity (a firm that was subsequently bought by Eurazeo) took IMV private in 2007 for €31.1m. Pragma acquired IMV from Ofi for an undisclosed amount in 2010.

Pragma secured a 60% stake in the company, with Ofi reinvesting €5m of its proceeds to retain an 11% stake in the business, while the management retained the remainder of the shares.

Banque Espirito Santo et de la Vénetie provided a debt package, while Cathay Capital invested an undisclosed amount to secure a small minority stake. The investors sold the company to Qualium in 2014.

Company
Founded in 1963 and based in L'Aigle, Normandy, IMV specialises in animal reproduction and clinical imaging.

The company has operations in France, Brazil, China, India, the Netherlands, Russia, South Africa, the UK and the US, and generates 85% of its revenues internationally.

Employing 485 staff, IMV generates annual revenues of around €110m.

People
Montagu Private Equity – Guillaume Jabalot (director).
Qualium Investissement – Jacques Pancrazi (partner).
IMV Technologies – Alain de Lambilly (CEO).

Advisers
Acquirer – Rothschild & Co (M&A); Alvarez & Marsal (financial due diligence); Bain & Company (commercial due diligence); PwC (tax); Weil Gotshal & Manges (legal).
Vendor – Goldman Sachs (M&A); PwC (financial due diligence); Boston Consulting Group (commercial due diligence); Willkie Farr & Gallagher (legal).