Abénex backs medical imaging software provider EDL

Alessia Argentieri
13 May 2021

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Private equity firm Abénex has invested in Edition et Développement Logiciels (EDL), a French developer of medical imaging software.

The GP intends to support the company in boosting its organic growth, consolidating its market position, and accelerating its expansion through targeted acquisitions.

Abénex backed the company alongside EDL's founders, Jean Lordet, Alain Lopez and Jean-Louis Marx, and the management team. They will retain a minority stake and stay on with the business.

According to French publication Capital Finance, Abénex bought a stake of approximately 75% in the company, in a deal valuing the business at around €100m.

The GP is currently investing via its flagship vehicle Abénex V, which closed on €425m in 2017, and its Abénex Croissance fund, which held a final close on its hard-cap of €150m in May 2020.

While Abénex V targets companies with EV of up to €300m, Abénex Croissance finances the growth of smaller businesses with enterprise values of less than €50m, deploying tickets in the €5-20m range.

Company
Established in 1993, EDL provides medical imaging software for public and private organisations across France.

Its flagship software product is Xplore, a tool to facilitate information sharing between radiology departments and improve the performance of medical imaging.

The company is headquartered in Berre-l'Étang, France, with a presence in Switzerland since 2000 and in Germany since 2018, following the acquisition of local imaging software specialist Penta.

EDL generates EBITDA of around €7.5m from annual revenues of €15m, according to press reports.

People
Abénex – Antoine Schouman, Jérôme Vandermarcq (partners).
Edition et Développement Logiciels – Jean Lordet, Alain Lopez, Jean-Louis Marx (founders).

Advisers
Equity – Messier & Associes (corporate finance); Eight Advisory (financial due diligence); Arsene Taxand (legal); McDermott Will & Emery (legal).
Company – KPMG (corporate finance).