PE-backed Labco in €100m high-yield refinancing

Labco had already raised €500m on the high-yield market in early 2011. This new placement will yield a similar 8.5% interest rate and will mature in January 2018.

3i is believed to have hired Rothschild to start the sale process for Labco in October last year. A deal could value the business at up to €1bn. Blackstone and PAI were reported to be in the running in November.

3i invested €140m in medical diagnostics company Labco as part of a €200m round in 2008, together with TCR Capital, Nixen Partners and CM-CIC Capital Finance, which provided the additional €60m.

Company
Labco was founded in 2003 by Eric Souêtre and Stephane Chassaing and provides diagnostics services to general practitioners, hospitals and patients. The group includes more than 170 laboratories and employs in excess of 4,800 staff.

Labco generates revenues of circa €600m.

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• Topics
• France
• Restructuring
• Healthcare
• France
• Refinancing
• 3i
• TCR Capital
• NiXEN
• CM-CIC Capital Finance