Bridgepoint acquires Balt

José Rojo
25 September 2015

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Bridgepoint has acquired a majority stake in French neuroradiology medical device designer Balt alongside the founding family.

Speaking to unquote", a source close to the deal stated the Plowiecki founding family will remain as minority shareholders after the takeover.

Enterprise value for Balt was not disclosed but Bridgepoint's buyout funds typically seek companies valued in the €200-600m bracket.

Balt is the fourth company to be backed by Bridgepoint's fifth buyout found. The vehicle raised €4bn when it closed in March, exceeding its €3.5bn target. Additional portfolio companies include Nordic Cinema Group, picked up from Ratos in a SEK 4.7bn SBO in April; and Jersey-based Appleby Fiduciary and Administration Business, bought alongside the management in July.

In addition, the investment represents the Bridgepoint's second foray in France so far in 2015. In January, the firm acquired Parisian financial software developer eFront from Francisco Partners; the SBO, valued at €300m, was the last deal to be financed via its €4.8bn fourth fund.

Under the GP's tenure, Balt will aim to increase international operations by bolstering its network of distributors. The biotech foresees growth as, according to its estimates, the €1bn-strong global surgical neuroradiology medical devices segment will expand an average of 12-15% per year until 2020. The rise in cerebrovascular conditions among an ageing population is expected to drive the uptick.

Debt
The deal was supported with a loan from Bank of Ireland, CIC, HSBC, ING, Natixis and Societe Generale. The package includes €90m of drawn debt and an additional €25m multi-purpose revolving credit facility

Company
Founded in 1977, Balt designs catheters, stents, coils and other devices used by neuroradiologists for the treatment of cerebrovascular accidents, aneurysms and arterio-venous malformations.

The biotech operates a production site at its Montmorency headquarters and commercialises its products directly in France and via 100 distributors abroad.

According to its figures, 16,000 devices were sold during 2014, together representing €100m in turnover – 95% of revenues were generated outside France, with Europe making up for half of the orders.

People
Bridgepoint's work on the deal was coordinated by Frédéric Pescatori, its managing director in France. Nicolas Plowiecki has been CEO of Balt since 2002, when he took over the business from his father and founder Léopold Plowiecki.

Advisers
Equity – Sekri Valentin Zerrouk (Legal); Bredin (Legal); PwC (Legal); Arthur D Little (Commercial due diligence); Eight Advisory (Financial due diligence).
Management, Company – Natixis Partners, François Rivalland, Benjamin Giner, Jad Hariri, Paul-Henri Morand, Romain Azoula (M&A); R&J Capital, Elisabeth Amiel (M&A); SEGIF, Patrice Frovo (Legal).