FRANCE - Industri Kapital to sell Ceva Santé to management-led syndicate
Industri Kapital (IK) will generate an IRR of 40% on the sale of veterinary pharmaceutical laboratory Ceva Santé Animale to a syndicate led by management and including Euromezzanine and Natexis Private Equity.
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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