Ardian's Dedalus carves out Agfa-Gevaert's healthcare IT business

Dedalus wholly acquired the business for an enterprise value of €975m.

Following this deal, Dedalus expects to reach a turnover of around €470m and build a pan-European healthcare software group with a focus on the hospital segment. The combined entity will have a presence in 30 countries worldwide, with a strong position in Italy, France and Germany, and will employ 3,500 staff.

Ardian bought a 60% stake in Dedalus in July 2016 via its €4.5bn Ardian LBO Fund VI. The transaction saw the company's chair and CEO Giorgio Moretti sell 10.41% of his stake and retain 40%, while previous backers Three Hills Capital Partners and Mandarin Capital Partners sold their 14% and 35.59% holdings, respectively. Subsequently, Dedalus raised a €72m bond from asset management firm Tikehau IM in December 2016.

Founded in 1990 in Florence, Dedalus is a medical software provider specialising in diagnostic and clinical management. It employs 2,000 staff, has 50 offices in Italy, a presence in 25 countries across Europe, the Middle East, the Americas, Africa and Asia, and generates revenues of around €210m.

Company
Headquartered in Mortsel, Agfa-Gevaert develops analogue and digital imaging systems and IT solutions, mainly for the printing industry and the healthcare sector, as well as for specific industrial applications.

The business acquired by Dedalus consists of the healthcare imaging IT subsidiary and integrated care activities of Agfa-Gevaert. It generates revenues of around €260m.

People
Ardian – Yann Chareton (managing director, Ardian Buyout in Italy).
Dedalus – Giorgio Moretti (chair). 
Agfa-Gevaert - Christian Reinaudo (CEO).

Advisers
Acquirer – BNP Paribas (corporate finance); UBS (corporate finance); Banca IMI (corporate finance); Clifford Chance (legal; EY Parthenon (commercial due diligence); KPMG (financial due diligence).

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