21 Partners backs Synerlab

Ardian also reinvested in Synerlab as part of the transaction. The company's management team was led by Synerlab president Pierre Banzet in the buyout. Debt was provided by Intermediate Capital Group.

Ardian (then Axa Private Equity) acquired Synerlab in April 2007 from Adlinger & Company. The deal was valued at €100m, according to unquote" data, and saw Ardian take a majority stake in the business, while Natixis underwrote a senior debt package for the deal.

21 Partners and Ardian will now support Synerlab's pan-European growth strategy. The company plans to grow organically as well as through acquisitions, with an aim to consolidate the European market with a particular focus on Germany, Spain, Poland and Italy.

Synerlab already began its market consolidation strategy under Ardian's ownership, and made several acquisitions in 2010 and 2012.

Company
Founded in 2001, Synerlab is headquartered in Erstein and employs 600 staff. The group comprises five entities: production sites Laboratoires BTT, Sophartex, Pharmaster and Lyofal, and research and development centre Synerlab Développement. Synerlab recorded a group turnover of €90m in 2012.

The group manufactures dry and liquid products for the pharmaceutical industry, such as syrups, capsules, tablets and sachets. The company also creates packaging for medicinal products.

People
Pierre Banzet is the president of Synerlab. Managing partner Gérard Pluvinet, Jacques Rossignol, Antoine Vigneron and Corentin Lacourte led the deal for 21 Partners. Ardian managing director François Jerphagnon and Alexis Lavaillote worked on the deal for the firm.

Advisers
Equity (21 Partners) – CMS Bureau Francis Lefebvre, Philippe Rosenpick, Grégory Benteux, Laurent Hepp, Denis Redon, Thomas Hains, Isabelle Prodhomme, Cécile Leclerc, Alexandre Bordenave, Virginie Coursiere-Pluntz (Legal); Eight Advisory, Stéphane Vanbergue, Christophe Puissegur (Financial due diligence); Landwell, Cécile Debin, Xavier Etienne, Bernard Borrely, Aurélie Cluzel-d'Andlau, Jérémie Schwarzenberg, Laure Maffre (Legal, tax, social due diligence); LEK, Arnaud Sergent, Serge Hovsepian, Nohmie Ben Rekassa (Strategic due diligence); Leonardo & Co, Philippe Charbonnier (Debt).
Vendor/Equity (Ardian) – Leonardo & Co, Patrick Maurel, François Rivalland, Joseph El Khoury, Virginie Nicolay, David Feiner (Corporate finance); Weil Gotshal & Manges, Frédéric Cazals, Mathilde Descotes (Legal); PwC, Philip Dykstra, Pierre-Mickael Voyer (Financial due diligence); Roland Berger, Patrick Biecheler, Xavier Lemoine (Strategic due diligence).
Management – Financière de Courcelles, Christian Rumpler (Corporate finance); Desfilis & McGowan, Frédéric Pinet, Guillaume Giuliani, Nathalie Hollier-Cheynet (Legal).
Debt – Frieh Bouhenic, Maud Manon (Legal).

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