Private Equity News & Analysis

Astorg sells clinical device company to Montagu

The French private equity firm has rolled over its investment in Sebia, a diagnostics business, while mezzanine provider Intermediate Capital Group has stepped up its exposure.

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Astorg Partners, French private equity fund,  has partially exited its investment in Sebia, an in vitro diagnostics specialist, by selling a 50.1% stake to Montagu Private Equity for an undisclosed sum. 

Astorg, which acquired Sebia in 2001 in partnership with management and employees, will retain a 16% equity interest alongside the company’s management, which will hold 20%.

Intermediate Capital Group, a mezzanine and equity finance provider in the original transaction, is becoming a significant investor with around 13% of the share capital.

Sebia was founded in 1967 by Guy Barouh, its chief executive officer, and it is based in Lisses, south of Paris. Sebia has 300 employees in seven countries and generates nearly three-quarters of its revenues outside France.

The company plans to boost growth by developing new clinical applications while pursuing its international expansion.

CIC has been retained by the company to underwrite the placement of the senior acquisition debt. ICG is underwriting all the mezzanine financing.