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Astorg acquires surgery supplies manufacturer Demetra

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Astorg has invested in Demetra, an Italian manufacturer of surgical devices, while minority backer Keensight has exited the business.

French buyout house Keensight merged medical technology businesses Tecres and Aap Biomaterials into Demetra Holding in 2016. Prior to the transaction, Keensight fully bought Aap Biomaterials from parent company Aap Implantate for EUR 36.6m, according to press reports at the time. Keensight then invested an undisclosed amount in the newco, Demetra Holding, alongside Tecres's shareholders, with the latter retaining a controlling stake in the group.

Keensight said that the company tripled revenues during its ownership. It also expanded internationally, especially in the US and in Asia, where Demetra signed new joint ventures and opened new production sites.

Astorg is currently deploying equity via the latest vehicle in its flagship strategy, Astorg VII, which held a final close in January 2019 on EUR 4bn. The fund targets B2B businesses with enterprise values of more than EUR 200m and deploys equity tickets of EUR 100m-400m.

Astorg has had a busy 2021 on the buy-side so far. It recently teamed up with Bridgepoint to buy Irish financial software company Fenergo from Insight Partners. According to the Irish Times, Bridgepoint and Astorg jointly acquired a majority stake for USD 600m in a deal valuing the business at USD 1.165bn.

Astorg also bought French food ingredients producer Solina from Ardian; according to local publication L'Agefi, the deal valued the company at around EUR 1.7bn.

Earlier this year, Astorg VII entered exclusive negotiations to acquire CVC's aluminium systems business Corialis for a reported EUR 1.6bn-1.7bn. It also bought UK-based data automation software developer Xceptor from CBPE; Astorg clinched the asset with a bid in the region of GBP 430m, equating to roughly 30x the company's EBITDA of GBP 14m, two sources familiar with the situation told Mergermarket at the time. Astorg's bid was financed entirely in equity, the report added.

The GP is preparing the launch of its next flagship fund, as reported. It is also fundraising for its Mid-Cap Fund, with the process expected to be finalised this summer.

Company
Created in 2016 following the combination of Italy-based Tecres and Germany-based Osartis, Demetra develops, manufactures and distributes products used in orthopaedic implant surgeries and spine interventions. It employs 200 staff.

The group notably develops bone cement, a product used for the fixation of orthopaedic implants and for the filling of vertebral compression fractures. It also offers preformed spacers, which are ready-to-use, antibiotic-loaded temporary implants used to treat local infections that can occur for patients who have had implant surgery.

The two businesses continue to operate under their respective brands.

People
Astorg – Lorenzo Zamboni (partner).
Keensight - Pierre Rémy (managing partner).

Advisers
Vendors – Rothschild & Co (M&A); Gattai Minoli Partners (legal).
Equity – BonelliErede (legal); EY (financial due diligence).

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