NCI becomes majority shareholder of Didactic

Ellie Pullen
16 September 2014

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Existing Didactic shareholder NCI Gestion has led a secondary buyout of the French disposable medical device business from former fellow backers UI Gestion and BPI France, alongside a new investor consortium.

The deal saw UI Gestion and BPI France exit the company, with former minority shareholder NCI becoming Didactic's new majority backer. NCI has invested in the company through its €33.3m Major Capital fund, which acquires majority stakes in exchange for equity tickets of €1.5-5m.

Amundi Private Equity, Turenne Capital Santé and Nord Europe Partenariat have taken part in the deal alongside NCI. Didactic CEO and shareholder Frédéric Viguié has retained his stake in the business.

NCI, UI Gestion and BPI acquired Didactic in August 2007 – with UI Gestion taking a majority stake – for €6.6m. The management buy-in saw Viguié come in as the company's new CEO. Crédit Lyonnais provided a senior debt package that represented around half of the deal's value.

Under the trio's ownership, Didactic bolted on Polysem, a French manufacturer of protective care equipment for veterinarians, in 2008. In February 2012, Pragma Capital portfolio company IMV Technologies acquired Polysem from Didactic to allow the latter firm to focus on its medical device operations.

Debt
A debt package for the deal was arranged by Crédit Agricole Normandie and provided by Crédit Agricole Normandie, Caisse d'Epargne Normandie, CIC Nord Ouest and BNP Paribas.

Company
Founded in 1967 and headquartered in Étainhus, Didactic is a producer of disposable medical devices for hospitals and clinics. Its product base includes identification bracelets, thermometers, syringes, catheters and drips.

At the time of the buyout by NCI, UI Gestion and BPI in 2007, the company achieved €12m in revenues. Its turnover has increased three-fold to now reach €36m. In 2013, the company generated €33m in revenues and an EBITDA of around €1.5m, according to French publication Capital Finance. It employs 45 staff.

People
Frédéric Viguié is the CEO of Didactic. NCI managing partner Hubert de Germay and investment head Christophe Douffet worked on the deal alongside Amundi managing partner Vinarom Vilaihongs; Turenne partner Mounia Chaoui and managing director Benoît Pastour; and Nord Europe Partenariat managing director Philippe Amouriaux.

Advisers
Equity – Cabinet Lamartine, Guillaume de Ternay (Legal).
Company – Cabinet Plantrou de La Bruniere, Arnaud de la Bruniere (Legal).