Duke Street to fully exit Biomnis in trade sale

Bio-analytical testing group Eurofins has agreed to acquire Biomnis from its current majority owner, the Financière Bio Alfras holding, for around €220m. The deal is expected to complete in Q3 2015.

The buyer stated it was expecting Biomnis's EBITDA, which currently stands in the low double-digits, to increase back towards industry standards over the next few years.

Although a spokesperson for Duke Street could not be reached for confirmation, it is understood the GP will exit its minority stake in the business following the transaction.

Previous funding
Duke Street acquired Biomnis in 2008 for an enterprise value of €217m. The deal was financed by a senior tranche provided by Fortis and a mezzanine tranche arranged by Axa Mezzanine.

In 2012, Duke Street appointed Crédit Suisse to review options – including a potential sale – for Biomnis. The business was expected to be valued in the €300-400m range, with potential suitors reportedly including 3i and PAI Partners.

The GP, however, relinquished its majority stake in the company as part of a restructuring in 2013, which saw the Biomnis acquired by Jean-François Delepoulle's Financière Bio Alfras holding. The group's main lenders, Axa Mezzanine and Partners Group, supported the restructuring, which also included a new money component.

Company
Biomnis, formerly Laboratoire Marcel Mérieux, was founded in 1897. The company carries out specialised biological analysis on behalf of laboratories, as well as private clinics and public hospitals. The company specialises in molecular diagnostics, tissue, fertility treatment and biochemistry.

The group has two main sites in Lyon and Paris, as well as facilities in Ireland. The company reported turnover of €220m in 2014 – similar to revenues at the time of Duke Street's initial investment – and employs 1,200 people.

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• Apax France SA
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