Astorg Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Astorg Partners has acquired 15 companies. It has also invested in 2 others.

Astorg Partners’ most common sectors for investment aremedical products (12%) and software (12%) . The Firm’s most common investment types include secondary buyout (55%) and buyout (lbo, mbo, mbi) (28%). In total, Astorg Partners has invested in 2 US states and 10 different countries. Its largest (disclosed) acquisition occurred in 2014 when it acquired Sebia SA for $1.4B.

In the last 3 years, Astorg Partners has exited 5 companies. The Firm’s most common exit type is secondary buyout (65%). Astorg Partners’ largest (disclosed) exit occurred in 2021 when it sold HRA Pharma SA for $2.0B.

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M&A Summary

  • M&A Total Activity92
    • M&A Buy Activity61
    • M&A Sell Activity31
  • Total Sectors Invested 32
  • Total Countries Invested 10
  • M&A Buy/Sell Connections 26
  • M&A Advisors 30

Astorg Partners

68 rue du Faubourg Saint-Honoré,
Paris, 75008
France
+33 1 53 05 40 00
www.astorg.com
info@astorg.com

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.


Investment Criteria

Sectors of Interest: Aerospace, Beverages, Business Services, Chemicals, Communications, Consumer Services, Food, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Life Science, Manufacturing, Media, Medical Products, Retail, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, United Kingdom, Western Europe, Eastern Europe, Nordic

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 400 2,000
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (4.0/yr) # 41 3 2 8 6 1 61
vol $3.6B $3.6B
Sell (1.4/yr) # 24 2 1 4 - - 31
vol $6.2B $2.0B $8.3B
  92

Most Recent M&A

Company Date Value Type
Sofico NV 2023-11-21 - Secondary Buyout
Gent, Belgium · www.sofico.global
Euromoney Institutional Investor PLC 2022-11-24 - Going Private
London, United Kingdom · www.euromoneyplc.com
Ipcom Insulation Solution 2022-07-13 - Secondary Buyout
Melle, Belgium · www.ipcom.be
Avania 2022-06-20 - Secondary Buyout
Bilthoven, Netherlands · www.avaniaclinical.com
Open Health Communications LLP 2022-05-31 - Secondary Buyout
Marlow, United Kingdom · www.openhealth.co.uk
ARMOR SAS 2022-05-04 - Growth Capital
Nantes, France · www.armor-iimak.com
Corden Pharma International GmbH 2022-05-02 - Divestiture
Plankstadt, Germany · www.cordenpharma.com
AutoForm Engineering GmbH 2021-11-17 - Secondary Sale
Pfäffikon, Switzerland · www.autoform.com
HRA Pharma SA 2021-09-08 2.0B EUR Trade Sale
Châtillon, France · www.hra-pharma.com
Flowbird Group 2021-08-10 - Secondary Sale
Paris, France · www.flowbird.group
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
LGC Ltd. 2019-11-21 Kova International, Inc. 2023-07-24 2
Teddington, United Kingdom · www.lgcgroup.com Garden Grove, California · www.kovaintl.com
Open Health Communications LLP 2022-05-31 The CM Group 2022-07-28 1
Marlow, United Kingdom · www.openhealth.co.uk Hingham, Massachusetts · www.thecmgroup.com
LGC Ltd. 2019-11-21 Drug Development Solutions 2022-05-17 1
Teddington, United Kingdom · www.lgcgroup.com Fordham, United Kingdom · www.dds.lgcgroup.com
Corsearch, Inc. 2021-04-20 Incopro Ltd. 2021-06-10 1
London, United Kingdom · www.corsearch.com London, United Kingdom · www.incoproip.com
Anaqua, Inc. 2019-02-13 Actio IP AS 2021-05-19 2
Boston, Massachusetts · www.anaqua.com Bergen, Norway · www.actio.no
IQ-EQ 2015-09-10 Constellation Advisers LLC 2021-01-05 3
Luxembourg, Luxembourg · www.iqeq.com New York, New York · www.constellationadvisers.com
Clario 2016-03-08 BioClinica, Inc. 2020-12-10 5
Philadelphia, Pennsylvania · www.clario.com Princeton, New Jersey · www.bioclinica.com
Clario 2016-03-08 Exco InTouch Ltd. 2016-12-08 4
Philadelphia, Pennsylvania · www.clario.com Sawbridgeworth, United Kingdom · www.excointouch.com

M&A by Sector

Sector Current # Value All-time # Value
Medical Products 5 (19%) - 7 (11%) 1.4B (39%)
Software 5 (19%) - 7 (11%) 721M (20%)
Business Services 2 (8%) - 5 (8%) -
Electrical Equipment - - 3 (5%) 421M (12%)
Life Science 1 (4%) - 3 (5%) -
Test/Measurement Equipment 1 (4%) - 2 (3%) 113M (3%)
Building Materials 1 (4%) - 2 (3%) -
Chemicals 2 (8%) - 2 (3%) -
Communications 1 (4%) - 2 (3%) -
Consumer Services - - 2 (3%) -
Electronics 1 (4%) - 2 (3%) -
Energy Services and Equipment - - 2 (3%) -
Manufacturing - - 2 (3%) -
Media 1 (4%) - 2 (3%) -
Retail - - 2 (3%) -
Consumer Products - - 1 (2%) 473M (13%)
Plastics - - 1 (2%) 451M (13%)
Aerospace - - 1 (2%) -
Apparel/Textiles - - 1 (2%) -
Distribution 1 (4%) - 1 (2%) -
Financial Services 1 (4%) - 1 (2%) -
Food 1 (4%) - 1 (2%) -
Healthcare Services - - 1 (2%) -
Information Services 1 (4%) - 1 (2%) -
Information Technology 1 (4%) - 1 (2%) -
Insurance - - 1 (2%) -
Internet Software and Services 1 (4%) - 1 (2%) -
Machinery - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Restaurants - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Transportation - - 1 (2%) -
Total 26 - 62 $3.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 4 (15%) - 34 (55%) 2.9B (80%)
United Kingdom 9 (35%) - 10 (16%) -
Belgium 3 (12%) - 4 (6%) -
United States 3 (12%) - 3 (5%) -
  Massachusetts 2 (8%) - 2 (3%) -
  Pennsylvania 1 (4%) - 1 (2%) -
Netherlands 3 (12%) - 3 (5%) -
Italy 1 (4%) - 3 (5%) -
Switzerland - - 2 (3%) 721M (20%)
Germany 1 (4%) - 1 (2%) -
Ireland 1 (4%) - 1 (2%) -
Luxembourg 1 (4%) - 1 (2%) -
Domestic 4 (15%) - 34 (55%) 2.9B (80%)
Cross-border 22 (85%) - 28 (45%) 721M (20%)
Total 26 - 62 $3.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (85%) - 34 (55%) 1.9B (52%)
Buyout (LBO, MBO, MBI) - - 17 (27%) 1.2B (34%)
Divestiture 1 (4%) - 5 (8%) 473M (13%)
Stake Purchase 1 (4%) - 3 (5%) -
Growth Capital 1 (4%) - 2 (3%) -
Going Private 1 (4%) - 1 (2%) -
Total 26 - 62 $3.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 22 (71%) 4.7B (57%)
Trade Sale - Public Company 4 (13%) 3.5B (42%)
Trade Sale 4 (13%) -
Sold to Management 1 (3%) 36M (< 1%)
Total 31 $8.3B

Top M&A Advisors

Financial Deals
Rothschild Global Advisory
 5
Ernst & Young Capital Advisors LLC
 5
Houlihan Lokey
 3
Legal Deals
Latham & Watkins
 4
Paul Hastings
 4
Dechert LLP
 2

Deal Values

buy # Total
> $1B 1 $1.4B
$100M to $1B 5 $2.1B
< $100M 1 $60M
TOTAL $3.6B
Largest Sebia SA
$1.4B (2014-06-02)
sell # Total
> $1B 4 $6.2B
$100M to $1B 6 $2.0B
< $100M 1 $36M
TOTAL $8.3B
Largest HRA Pharma SA
$2.0B (2021-09-08)

M&A Connections

Deals
Acquired from
Investor(s)
55%
34 (55%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
68%
21 (68%)
Strategic(s)
23%
7 (23%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

10.0B EUR

Established

1998

Specialist/Generalist

Generalist

Leadership

Thierry Timsit

Co-founder, Managing Partner & CEO

François de Mitry

Managing Partner

Joel Lacourte

Managing Partner

Edouard Pillot

Managing Partner, Mid Cap

Lionel de Posson

Managing Partner, Mid Cap

FAQ

When was Astorg Partners founded?

Astorg Partners was founded in 1998.

What type of investor is Astorg Partners?

Astorg Partners is a private equity firm.

Where is Astorg Partners headquartered?

Astorg Partners is headquartered in Paris, France.

How much capital does Astorg Partners have under management?

Astorg Partners has 10.0B EUR under management.

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