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3i-led consortium launches Labco sale

3 Oct 2012

3i-backed medical diagnostics company Labco has launched its much-anticipated sale process, it is understood.

The consortium that owns Paris-based Labco, which also includes TCR Capital, Natixis Investment Partners and CIC Finance, has hired Rothschild to handle the sale process, banking sources told Reuters.

Fellow buyout houses including EQT, Bain Capital and TowerBrook Capital Partners are believed to be interested in the business, which could sell for about €1bn based on its €130m EBITDA.

3i has invested €130m in Labco in several tranches since July 2008 and syndicated €15m.

Financial investors including 3i owned 42 per cent of the company at the end of March, while laboratory doctors held 20 per cent.

3i has a ‘drag along clause’ which could force other shareholders to sell, Reuters added.

Earlier today it emerged 3i was believed to have hired Rothschild to explore sale options for public sector software provider Civica.

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