M&A Deal Summary

Cathay Capital Private Equity and Ardian Acquire Cenexi

On July 10, 2015, private equity firms Cathay Capital Private Equity and Ardian acquired life science company Cenexi from Indigo Capital and Chequers Capital

Acquisition Highlights
  • This is Cathay Capital Private Equity’s 5th and Ardian’s 10th transaction in the Life Science sector.
  • This is Cathay Capital Private Equity’s 22nd and Ardian’s 123rd transaction in France.
Investment Fate
  • Cenexi was sold to a strategic buyer in 2023.

M&A Deal Summary

Date 2015-07-10
Target Cenexi
Sector Life Science
Buyer(s) Cathay Capital Private Equity
Ardian
Sellers(s) Indigo Capital
Chequers Capital
Deal Type Secondary Buyout

Target

Cenexi

Fontenay sous Bois, France
Cenexi engages in the contract manufacturing and packaging of pharmaceuticals for human and veterinary markets in the Americas, Asia, Oceania, Africa, and Europe. Cenexi was founded in 2004 and is based in Fontenay sous Bois, France.

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Buyer(S) 2

Buyer

Cathay Capital Private Equity

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 5.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cathay Capital Private Equity SAS is a French Chinese private equity firm focused on acquiring businesses in France, Hong Kong, and China. Cathay looks to help Western companies leverage opportunities in China and help Chinese companies leverage Western best practices and partnerships. The Firm looks to invest in businesses generating €5 to €150 million in revenues. Areas of interest include retail, consumer goods, electrical equipment, medical devices, pharmaceuticals, animal healthcare, translation, food, consumer services, and software. Cathay Capital Private Equity SAS was formed in 2007 and is based in Paris. The firm has additional offices in New York and Shanghai.


DEAL STATS #
Overall 37 of 100
Sector (Life Science) 5 of 7
Type (Secondary Buyout) 8 of 16
Country (France) 22 of 41
Year (2015) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Sino-Kor

Nanjing, China

Sino-Kor is an aesthetic medical hospital operator in China, currently operating 5 hospitals in Nanjing, Qingdao, Beijing, Chengdu & Changsha respectively. Sino-Kor was founded in 2005 and is based in Nanjing, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-25 CCDI

Shanghai, China

CCDI is a provider of comprehensive services covering the sectors related to the urbanization such as the residential, commercial real estate, civil projects, transportation, sports, cultural tourism and medical care, and extends to the whole industrial chain of every sector. CCDI was founded in 1994 and is based in Shanghai, China.

Buy -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 242 of 418
Sector (Life Science) 10 of 16
Type (Secondary Buyout) 74 of 137
Country (France) 123 of 185
Year (2015) 16 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-24 Brico Privé

Montredon, France

Brico Privé is a provider of professional-quality products at affordable prices. Bricoprivé.com was founded in 2012 and is based in Montredon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-14 IRCA

Gallarate, Italy

IRCA is a manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing. IRCA was established in 1919 and is based in Gallarate, Italy.

Buy -

Seller(S) 2

SELLER

Indigo Capital

London, United Kingdom

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 1.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Indigo Capital is a provider of mezzanine capital to help fund buyouts, corporate acquisitions, expansions, and recapitalizations. Indigo typically invests alongside other private equity firms, however the Firm invests independently as well. Indigo is active throughout Europe and looks to commit €10 to €100 million per transaction. Indigo is sector agnostic and generally backs businesses with 'established market positions, strong, ambitious and incentivized management and attractive growth prospects.' Indigo Capital raised its first fund in 1990. The Firm has offices in London and Paris.


DEAL STATS #
Overall 33 of 41
Sector (Life Science) 2 of 3
Type (Secondary Buyout) 17 of 23
Country (France) 12 of 16
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-24 Interflora

Lyon, France

Interflora is a flower and gift digital platform that operates a portfolio of complementary gifting brands including Interflora, the iconic European flower and gift brand in France, Denmark, Italy, Spain, Portugal, Luxembourg, Iceland, and Romania. MyFlower is the holding company of the Interflora France group operating the Interflora brand, a leader in floral transmission in Europe, which also owns the online pure-player “Bebloom”, as well as “Renaud Distribution”, a leader in distributing supplies to florists, and cadeaux.com, the leader in online distribution of personalized gifts. Interflora was formed in 1991 and is based in Lyon, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-14 Spandex

Dietlikon, Switzerland

Spandex is a distributor of graphic media products and equipment & services to the signage and visual communication industry. The company offers advice and guidance, next day delivery, bespoke pricing, business growth incentives, product application training, and technical support. Spandex was formed in 1976 and is based in Dietlikon, Switzerland.

Sell -
SELLER

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Chequers Capital is a private equity group focused on acquiring and developing small, medium and large-sized companies in partnership with management. Chequers primarily seeks opportunities in France, Germany, Italy, Benelux, Switzerland and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris.


DEAL STATS #
Overall 8 of 22
Sector (Life Science) 2 of 2
Type (Secondary Buyout) 7 of 16
Country (France) 6 of 9
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-09 SERMA Group

Cedex, France

SERMA Group offers an independent, international one-stop-shop for services in electronics. Specialized in electronic technologies for high stress environment, the group has developed around its culture of technical excellence and its in-house network of experts. Throughout the electronics life cycle, SERMA GROUP provides global offers around 4 major themes. Technologies and process (analysis, test and expertise) - System security (consulting and rating “CESTI”, certified ANSSI) - Embedded system engineering (design, development, qualification, production and maintenance) - Microelectronics (design and industrialization of embedded systems, thick layer ceramic, ceramic assembly) 900 engineers and technicians are the strength of the Group operating with 10 industrial sites in France and Germany to serve its clients: aeronautics, automotive and transport, industry, space, energy and medical. SERMA Group was founded in 1991 and is based in Cedex, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-14 Spandex

Rümlang, Switzerland

Spandex is a distributor of graphic media and equipment to the signage and visual communication industry.

Buy -