Keensight merges Tecres and Aap Biomaterials

Prior to the transaction, Keensight fully bought Aap Biomaterials from parent company Aap Implantate for €36.6m, according to press reports.

More recently, Keensight invested an undisclosed amount in the newco, Demetra Holding, alongside Tecres' shareholders. The latter will retain the controlling stake in the group. The new group will be based in France and will count 140 employees.

Following the transaction, the merged companies will continue to act as separate entities with their own business models and commercial strategies.

Company
Established in 1981 and headquartered in Verona, Tecres develops bone cements and bone substitutes. Its flagship product line, Spacer, provides temporary prostheses for post-operation treatments and antibiotic bone cements.

Aap employs 65 people and is based in Dieburg in Germany. The company specialises in contract manufacturing models for the orthopaedic sector with white-label products.

People
Keensight Capital – Pierre Rémy (managing partner); Magdalena Svensson (investment director); Jaana Grüter (associate director); David Piccoli (senior analyst).
Tecres – Denis Faccioli (CEO).
Aap Biomaterials – Daniel Zukowsky (CEO).

Advisers
Equity – EY (financial due diligence); Paul Hastings (legal); Avicenne (commercial due diligence).
Company (Tecres) – C Partners (legal).
Company (Aap Biomaterials) – Altium (M&A); Taylor Wessing (legal).

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