LBO Partners, Keensight invest in Menix

The structure of the deal had LBO Partners acquiring the stake held by Turenne Investissement and the Hexagone Patrimoine 1, Hexagone Croissance 1 and Hexagone Croissance 2 vehicles, managed by Turenne Capital Partenaires.

Turenne reinvested in the business, supplying €4.2m via Turenne Investissement and further capital via the Capital Santé 1 fund, managed by Turenne Capital Santé.

Turenne Investissement reaped €9.3m from the sale with a capital gain of €6.5m. The sale generated returns of 3.3x for both Turenne Investissement and the Turenne Capital Partenaires-managed vehicles, as well as an IRR of 26% for Turenne Investissement.

Overall, the capital gains realised from the sale across all the Turenne funds totalled €20m.

Menix's management team, led by Patrick Rondot, Jean-Luc Aurelle and Christophe Marron, increased its stake in the business as part of the transaction.

Under the new shareholding structure, Menix will pursue strategic acquisitions both in France and abroad. The company is also hoping to double its turnover over the next five years through expansion of its product range and further internationalisation.

Debt
A unitranche debt facility has been provided for the deal by Alcentra.

Previous investment
In February 2008, Turenne invested a total of €6.2m in Dedienne Santé including €2.95m supplied by Turenne Investissement.

In June 2009, Turenne took part in the merger of Dedienne Santé and Serf to form Menix Group. Turenne Investissement supplied a further €495,000 as part of the €6.6m deal.

Company
Established in 2009 and based in Lyon, Menix is a supplier of orthopaedic prostheses and dental implants. The company employs 230 staff and expects to reach turnover of €50m this year, with 60% generated in orthopaedics and the remainder in dental implants.

At the time of the company's formation, Dedienne Santé generated turnover of €7.2m and employed 45 staff, while Serf generated €13.3m and employed 87 staff, according to unquote" data.

People
Patrick Rondot is the president of Menix. Keensight managing partner Pierre Rémy worked on the deal alongside Grégory Agez. For LBO Partners, Rémi Matuchansky, Bertrand Fesneau and Antoine Dary worked on the deal while Benoît Pastour and Paul Chamoulaud represented Turenne.

Advisers
Equity - Oddo & Cie, Nadine Veldung, Franck Noat, Laurence de Rosamel, Hugo Granat (Corporate finance); De Pardieu Brocas Maffei, Jean-François Pourdieu, Marie-Laure Bruneel, Sandra Benhaim, Matthieu Candia (Legal); PwC, Erwan Colder, Eric Boyer, Valeriu Cindea (Financial due diligence); LEK, Serge Hovsepian, Arnaud Sergent, Bénédicte Guénégan (Strategic due diligence); Marsh, Thomas Brault (Insurance due diligence).
Vendor - DC Advisory, Nicolas Durieux, Axel Riquet (Corporate finance); Pericles, Gérard Chanu, Eve-Marie Suet (Legal); Grant Thornton, Thierry Dartus (Financial due diligence).
Debt - Nabarro & Hinge, Jennifer Hinge (Legal).
Management - Lamartine, Olivier Renault, Stéphane Rodriguez (Legal).

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• Topics
• Buyouts
• France
• Healthcare
• France
• Secondary buyout