PE-backed EOS Imaging in €120m IPO

The company issued 5,520,000 new shares at €6.87 per share (the upper end of the €5.63-6.87 initial range), raising €38m and valuing the business at around €120m. The offering was four times oversubscribed.

EdRIP has been the lead investor and largest shareholder in EOS Imaging since contributing to a €7.5m round in 2005. The company got a €12m second round of investment led by NBGI and Crédit Agricole Private Equity in 2007 – original investors EdRIP and UFG Private Equity also participated. In 2010, CDC Entreprises participated in an $18m series-D round alongside existing backers.

Company
Founded in 1999 and formerly known as biospace med, EOS Imaging designs, develops and markets EOS – a 2D/3D imaging system dedicated to orthopaedic applications.

The group currently employs 57 people and recorded consolidated revenue of €6.9m in 2011. Based in Paris, EOS Imaging also has a subsidiary in the US, as well as offices in Canada and Germany.

People
Raphael Wisniewski led the deal for EdRIP, while NBGI was represented by Aris Constantinides.

Advisers
Company – Société Générale CIB (Lead manager and bookrunner); Gilbert Dupont (Lead manager and bookrunner); Oddo Corporate Finance (Co-lead manager); Aelios Finance (Corporate finance).

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