AXA PE provides additional €100m to Ceva
AXA Private Equity has injected a further €100m into portfolio company Ceva Santé Animale, a veterinary health company.
The fresh funding, in the form of a bond financing line underwritten by AXA PE, will support the company's plans for international expansion.
The GP first invested in the company in 2007, making a capital commitment of €30m. The company's management became majority shareholders in the firm in 2007 as part of an LBO including NiXEN and Euromezzanine. IK Investment Partners, the vendor, enjoyed a 40% IRR on the sale of the company. In 2010, Sagard became a shareholder in the firm.
Founded in 1999 and based in Libourne, Ceva is a veterinary health company. The firm focuses on the research, development, production and marketing of vaccines and pharmaceuticals for household animals, livestock, swine and poultry.
Ceva employs more than 3,000 staff in 43 countries and has a sales forecast of around €600m for 2012.
Cécile Mayer-Levi is co-head of AXA PE Private Debt and worked on the transaction alongside Guillaume Chinardet and Grégory Pernot.
Equity (AXA PE) – Willkie Farr & Gallagher, Paul Lombard, Igor Kukhta, Virginie Syag (Legal).
Management – Weil Gotshal & Manges, David Aknin, David Malamed (Legal).
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