PE-backed Menix acquires OneOrtho-Medical

According to Menix Group, the bolt-on was carried out via a share exchange benefiting OneOrtho-Medical founder and CEO Christophe Alépée.

The transaction will see Menix apply OneOrtho-Medical's expertise to its digital customised implants and disposable ancillaries segments. The technologies will be used in the acquirer's three main product ranges: orthopaedic, cranial-maxilo-facial and dental implants.

The bolt-on takes place one year after Menix was bought by a consortium including LBO Partners, Keensight and existing backer Turenne. The takeover, understood by press reports to value the company around the €50m mark, saw LBO Partners secure a majority stake.

Turenne, a majority shareholder since February 2008, reaped €9.3m in proceeds and a 3.3x return upon the sale of its previous stake in Menix. The Paris-headquartered firm then reinvested €4.2m via its Turenne Investissement fund and further capital via its Capital Santé 1 in return for a minority interest in the business. 

According to unquote" data, Patrick Rondot, Jean-Luc Aurelle, Christophe Marron and additional members of the company's management team deployed capital alongside the firms and increased their stake in the process.

At the time, Menix's new shareholders revealed a long-term strategy to double sales within five years by expanding internationally and incorporating new products to the existing offer. Plans were also made to grow via add-on acquisitions in France and abroad.

Company
Headquartered in Saint Etienne, OneOrtho-Medical is a medical equipment designer specialising in digital technologies employed by manufacturers of customised implants and disposable ancillaries.

Founded in 2009, Menix designs and sells orthopaedic prostheses and dental implants. With headquarters in Lyon, the company employs a workforce of 270 people.

In 2014, the company reported a €9.1m EBITDA and revenues of €50.2m were reported, of which 25% was generated outside France. The business is aiming to drive turnover up to €62m in 2015, 65% of which is expected to come via its orthopaedic devices and 35% from dental implants.

People
Menix is currently managed by Patrick Rondot, Jean-Luc Aurelle and Christophe Marrone. OneOrtho-Medical was founded by Christophe Alépée, who is also its current CEO.

Advisers
Equity – Lamartine Conseil, Stéphane Rodriguez, Ugo Audouard (Legal).
Company – Deloitte Finance, Frédéric Clairet (Corporate finance); SEJEF, Pierre Audebert (Legal).

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