Agilitas buys Ionisos from Naxicap

Agilitas stated it will dedicate additional capital to grow the business, with the aim of accelerating its European growth strategy. ICG provided debt to finance the transaction.

This is the third buyout undergone by Ionisos in the space of 10 years. Acto Capital bought a 49% stake in the sterilisation business in 2004, before selling the company to Atria Capital in 2007. The buyout was also financed by an €11m mezzanine facility provided by ACG.

Atria, which faced difficult times following the financial crisis, merged with Naxicap at the end of 2011. The existing team continues to manage past investments, including Ionisos. The GP was renamed capAtria.

Company
Founded in 1993, Ionisos specialises in the sterilisation treatment of medical device equipment, raw materials and cosmetic products. The business operates seven sites across France, Spain and China, employing 100 people. Ionisos generates revenues of €20m.

People
Agilitas appointed Jean-Philippe Milon as chairman of the steering committee for Ionisos. The GP was represented by Martin Calderbank and Serge Touati on the deal. Angèle Faugier worked on the transaction for Naxicap.

Advisers
Equity - Wil Consulting (M&A); PwC (Financial & environmental due diligence, tax); Credo (Commercial due diligence); Ashurst (Legal); Zolfo Cooper (Debt advisory); Willis (Insurance due diligence); Mercer (Pensions due diligence); Creative Value (HR due diligence); Heidrick & Struggles (HR due diligence).
Vendor - Lamartine Conseil (Legal).

 

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