Nordic buyout firm Industri Kapital has more than tripled its money with the sale of French veterinary laboratory Ceva Santé Animale to management and a consortium of three buyout firms.
Investment groups Euromezzanine, Natexis Industrie and Natixis Investissement have paid an undisclosed sum to acquire the laboratory, which specialises in animal health, pharmacy and biology.
Industri Kapital took over the business in 2003 from private equity house PAI partners. Since then Ceva’s sales have grown by 60 percent to an estimated €340 million ($464 million) in 2007, thanks to six add-on acquisitions, including a laboratory that specialises in poultry vaccine. Earnings also doubled during this period.
As a result, IK was able to recapitalise the business last year, and now complete a lucrative exit. The firm said that it had made 3.5 times its initial investment and achieved an internal rate of return of over 40 percent on the deal.
Industri Kapital manages nearly €4 billion in fund commitments and it has a portfolio of 24 companies with a turnover of nearly €8.6 billion.