M&A Deal Summary

Sparring Capital, Eurazeo PME, Cathay Capital Private Equity and Ardian Acquire IMV Technologies

On September 29, 2010, private equity firms Sparring Capital, Eurazeo PME, Cathay Capital Private Equity and Ardian acquired life science company IMV Technologies from Eurazeo PME

Acquisition Highlights
  • This is Sparring Capital’s 1st, Eurazeo PME’s 2nd, Cathay Capital Private Equity’s 2nd and Ardian’s 5th transaction in the Life Science sector.
  • This is Sparring Capital’s 13th, Eurazeo PME’s 15th, Cathay Capital Private Equity’s 9th and Ardian’s 82nd transaction in France.
Investment Fate
  • IMV Technologies was sold to a consortium of financial buyers in 2014.
  • IMV Technologies was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2010-09-29
Target IMV Technologies
Sector Life Science
Buyer(s) Sparring Capital
Eurazeo PME
Cathay Capital Private Equity
Ardian
Sellers(s) Eurazeo PME
Deal Type Secondary Buyout

Target

IMV Technologies

Normandy, France
IMV Technologies engages in the areas of animal and human-assisted reproduction technologies and veterinary imaging. IMV Technologies provides customers with solutions for animal artificial insemination; its human division, Cryo Bio System, offers solutions for human assisted reproduction including human embryo vitrification, human sperm freezing, and preservation, and other assisted reproduction technologies. IMV Technologies was founded in 1963 and is based in Normandy, France.

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Buyer(S) 4

Buyer

Sparring Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 850M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Sparring Capital is a private equity firm focused on acquiring majority positions in private medium-sized French companies. Pragma looks to fund leveraged buyouts and development capital financings of businesses with high barriers to entry and that lead their respective market niches. The Firm typically seeks companies with at least €10 million in revenue and at least €1.5 million of EBITDA. Sparring Capital was formed in 2002 and is based in Paris.


DEAL STATS #
Overall 14 of 40
Sector: Life Science M&A 1 of 1
Type: Secondary Buyout M&A Deals 6 of 16
Country: France M&A 13 of 38
Year: 2010 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-17 Leyton & Associates

Cedex, France

French consultancy agency CTR Leyton & Associes is specialised in advising companies that want to enhance their profitability. To this end CTR Leyton & Associes helps companies reduce their taxes and social charges and optimise the financing of innovation plans and purchases. Shortly after its foundation in 1997 in Saint Cloud, the company grew into one of the major players in its sector. In the past decade, CTR Leyton opened three new offices in France (Lyon, Toulouse and Montpellier).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-04 Sandaya

Mauguio, France

Sandaya is an outdoor accommodation group with 11 four- and five-star campgrounds of more than 300 pitches each in France and Spain. Sandaya was founded in 2010 and is based in Mauguio, France.

Buy -
Buyer
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.


DEAL STATS #
Overall 17 of 85
Sector: Life Science M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 34
Country: France M&A 15 of 57
Year: 2010 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-28 B&B Hotels

Paris, France

B&B Hotels is a budget hotels chain in Europe operating a network of more than 486 budget hotels, across 12 countries with a total of 42,832 rooms. B&B is at the "high-end" of the budget hotel segment, offering high quality at a competitive price, to meet the needs of both business and leisure travelers. B&B Hotels was founded in 1990 and is based in Paris, France.

Sell €480M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-28 Credirec SA

Paris, France

Credirec is a specialist in the purchase, recovery and management of non-performing loans.

Sell -
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 11 of 101
Sector: Life Science M&A 2 of 7
Type: Secondary Buyout M&A Deals 2 of 16
Country: France M&A 9 of 42
Year: 2010 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Mauboussin SA

Paris, France

Mauboussin SA is a designer and retailer of luxury jewellery and timepieces in France, US and Asia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-10 Sogal

Chemille in Anjou, France

Sogal is a manufacturer of custom-made sliding doors and wardrobe and storage spaces. Sogal was founded in 1982 and is based in Chemille in Anjou, France.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B 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 €1 billion 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 151 of 465
Sector: Life Science M&A 5 of 17
Type: Secondary Buyout M&A Deals 38 of 155
Country: France M&A 82 of 207
Year: 2010 M&A 21 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-21 Bravofly SA

Chiasso, Switzerland

Launched in 2004, Bravofly is a major player in the European online booking market. With its user-friendly interface and advanced technology, the company offers its customers a powerful research and comparison engine to book flight tickets on low-cost and traditional airlines. In 2010, the company is a major European online player with one of the broadest offer ranges in flight and travel-related markets through its websites bravofly.fr, bravofly.de, bravofly.co.uk, bravofly.es, bravofly.com, volagratis.it and viaggiare.it.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 HSE

Fiumicino, Italy

HSE is a home shopping TV network that reaches viewers in Germany, Austria, Switzerland, Italy, and Russia. HSE was founded in 2010 and is based in Fiumicino, Italy.

Buy -

Seller(S) 1

SELLER

Eurazeo PME

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.


DEAL STATS #
Overall 4 of 29
Sector: Life Science M&A 1 of 2
Type: Secondary Buyout M&A Deals 4 of 16
Country: France M&A 3 of 21
Year: 2010 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-28 B&B Hotels

Paris, France

B&B Hotels is a budget hotels chain in Europe operating a network of more than 486 budget hotels, across 12 countries with a total of 42,832 rooms. B&B is at the "high-end" of the budget hotel segment, offering high quality at a competitive price, to meet the needs of both business and leisure travelers. B&B Hotels was founded in 1990 and is based in Paris, France.

Sell €480M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-28 Credirec SA

Paris, France

Credirec is a specialist in the purchase, recovery and management of non-performing loans.

Sell -