Siparex exits Tetra Medical to 3T Group

José Rojo
07 September 2015

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Siparex has sold its minority stake in French medical supplies business Laboratoire Tetra Medical to corporate 3T Group after 12 years as a shareholder.

The transaction saw Siparex and Tetra Medical's management team divest all of the company's shares to logistics business 3T.

Tetra Medical is now expected to benefit from an improved distribution network for its single-use medical products. Healthcare-related products are one of 3T's three core areas, the remaining two being hazardous and 'just-in-time' goods.

The divestment takes place 12 years after Siparex became a minority shareholder in the business via an MBO alongside Nixen Partners, then named Natexis Industrie. At the time, Siparex revealed it had secured an 18.81% stake in the business.

The transaction, sealed in July 2003, was carried out via the newco Cecep. The holding company incorporated existing business units Laboratoires Tetra Medical and Laboratoires Mefra and newly acquired division Hydra, a medical cotton supplier.

The divestment is the latest by Siparex after a summer of activity on the selling front. Notable exited assets include electrical power provider Sylpa, sold back to management for a 2x return in July; lightning case designer Sogexi, offloaded to corporate Lacroix that same month; and Luxembourg-headquartered transport service Flash Europe, divested to Eurazeo PME.

Company
Founded in 1904, Tetra Medical designs and sells medical single-use supplies such as bandages, health kits, compresses and hospital nappies to clinics and other healthcare institutions in France. The business operates two production sites in Annonay, where its headquarters are located, and Saint-Cyr-en-Val. Employing around 250 people, the company generated €46m in revenues in 2014.

Advisers
Vendor – Sodica Corporate Finance, Jacques Ropartz, Carl-Emmanuel Panhard, Antoine Emery (Corporate finance); Axten, Annie David, Clyve Monfredo, Sophie Gsell (Legal); KPMG, Olivier Boumendil, Blandine Mugnier, Jean-Pierre Raud (Financial due diligence).
Acquirer – Baut et Associés, Jean-Philippe Baur (Legal).