FRANCE - Industri Kapital to sell Ceva Santé Animale

Ceva, which produces vaccinations, antibiotics and drugs for animals, was acquired in 2003 by Industri Kapital in a deal valuing the business at around EUR 200m. Senior debt was arranged by Natexis Banques Populaires and a mezzanine tranche was provided by Euromezzanine. The buyout house then completed a EUR 208m recapitalisation in April 2006.

Since the acquisition the buyout house has completed a number of bolt-on acquisitions, including Kemia, an independent Mexican veterinary laboratory; Laprovet, a French animal health company; and Dogu, the former Turkish animal health subsidiary of Sanofi Synthelabo.

CEVA was originally the subject of a buyout in late 1999 when PAI Partners invested an undisclosed amount to support the buyout of Sanofi Santé Nutrition (now renamed CEVA Santé Animale) from Sanofi-Synthélabo.

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