M&A Deal Summary

PAI Partners Acquires Ethypharm

On May 6, 2016, private equity firm PAI Partners acquired life science company Ethypharm from Astorg Partners and Intermediate Capital Group for 750M EUR

Acquisition Highlights
  • This is PAI Partners’ 3rd transaction in the Life Science sector.
  • This is PAI Partners’ 15th largest (disclosed) transaction.
  • This is PAI Partners’ 25th transaction in France.

M&A Deal Summary

Date 2016-05-06
Target Ethypharm
Sector Life Science
Buyer(s) PAI Partners
Sellers(s) Astorg Partners
Intermediate Capital Group
Deal Type Secondary Buyout
Deal Value 750M EUR

Target

Ethypharm

SaintCloud, France
Ethypharm is a Drug Delivery System (DDS) company. The company develops and manufactures medicinal products specialising in controlled release products. Drug Delivery Systems provide major benefits including improving the drug efficacy, enhancing patient compliance and comfort, extending the life cycle of existing drugs, and reducing the total cost of treatment. Ethypharm was founded in 1977 and is based in SaintCloud, France.

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Buyer(S) 1

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 28.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 49 of 95
Sector: Life Science M&A 3 of 4
Type: Secondary Buyout M&A Deals 14 of 47
Country: France M&A 25 of 42
Year: 2016 M&A 2 of 6
Size (of disclosed) 15 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-01 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-30 Atos Medical

Malmö, Sweden

Atos Medical is a medical device company with a global market and technology leading position in the segment for voice and pulmonary rehabilitation of patients who have undergone laryngectomy (surgical removal of the voice box). Atos Medical was formed in 1986 and is based in Malmö, Sweden.

Buy €850M

Seller(S) 2

SELLER

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 19 of 35
Sector: Life Science M&A 1 of 2
Type: Secondary Buyout M&A Deals 13 of 22
Country: France M&A 19 of 27
Year: 2016 M&A 1 of 3
Size (of disclosed) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-15 Flowbird Group

Neuilly-sur-Seine, France

Flowbird Group is a provider of parking management solutions and a major player in public transport ticketing equipment. The company operates through two business divisions, Smart Parking operates across the whole value chain of the on-street parking management and Smart Transport provides ticketing solutions (connected ticket and validation terminals) and associated software systems for public transport. Flowbird Group is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-24 AutoForm

Pfäffikon, Switzerland

AutoForm is a supplier of software solutions for die-making and sheet metal forming industries used for rapid and reliable validation of the design, engineering and manufacturing processes. AutoForm was founded in 1995 and is based in Pfäffikon, Switzerland.

Buy $721M
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 174 of 225
Sector: Life Science M&A 5 of 9
Type: Secondary Buyout M&A Deals 64 of 86
Country: France M&A 45 of 59
Year: 2016 M&A 9 of 15
Size (of disclosed) 24 of 74
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-28 Mayborn Group

Northumberland, United Kingdom

Mayborn Group Ltd. is a manufacturer and distributor of baby and child products under the Tommee Tippee and Sangenic brands, which are market leaders in baby feeding, hygiene and related baby and toddler products.

Sell £135M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-16 FlaktGroup

Herne, Germany

FlaktGroup is a provider of ventilation and air climate solutions for buildings as well as air movement solutions for industry and infrastructure applications. Flakt has built up expertise in applications by delivering BREEAM, LEED, DGNB or HQE solutions for major projects for: offices, hotels, hospitals, airports, and commercial construction projects including specialist applications like data-centers, pharmaceutical, marine, nuclear, oil and gas all over the world. FlaktGroup was formed in 2002 and is based in Herne, Germany.

Sell -