FRANCE - Industri Kapital to sell Ceva Santé to management-led syndicate

IK backed the company's secondary buyout in 2003, in a deal which reportedly valued the business around EUR 200m. Natexis Banques Populaires and Euromezzanine had provided debt for this transaction.

Since this buyout, the company's turnover increased by 60% to reach an estimated EUR 340m in 2007, while EBITDA doubled. The company has made six acquisitions over this period.

IK piloted a EUR 208m recap in March 2006. PAI partners had acquired an 80% stake in Ceva's first buyout in 1999. The buyout house later generated an IRR of 35% from the sale to IK.

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