Adagia in exclusivity to buy Motion Equity's Minlay

Minlay is the second deal for the new sponsor following its acquisition of German eye-care medical devices manufacturer Schwind in December. 

The GP is deploying capital from its inaugural fund, Adagia Capital Europe, a EUR 750m investment vehicle currently in fundraising, according to a statement. The fund focuses on healthcare, business services, and tech industries in the mid-market in France, Benelux, and the DACH region.

Adagia beat out Apax and Naxicap in the final round, as reported by Mergermarket.

According to a source familiar with the situation, Adagia will acquire the asset for an enterprise value above EUR 350m, at around a 15x-16x EBITDA multiple. Another source familiar put the price tag at EUR 365m, an 18x EBITDA multiple. 

Motion kickstarted a Natixis Partners-led auction for Minlay in the first quarter, with the asset marketed off an EBITDA of EUR 20m, as reported. According to one of the sources, the ultimate EBITDA was slightly higher. 

Motion and Adagia declined to comment on the information.

Motion acquired Minlay in 2017 alongside management. The GP said it had helped the asset grow revenue five-fold under that ownership period. 

The company designs, manufactures and distributes dental prosthetic devices selling in France, Germany and the Netherlands through 16 laboratories and 12 brands.

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• Topics
• Healthcare
• France
• Buyouts
• GPs
• Motion Equity Partners
• France