European firm Montagu Private Equity has sold Sebia, a French healthcare diagnostics company, to London-headquartered buy-out firm Cinven.
The deal values Sebia at around €800m, 12.5 times its 2009 earnings, and gives Montagu a three times return on its original equity investment, according to Reuters.
Founded in 1967, Sebia specialises in cancer diagnostics tools that employ electrophoresis technology, allowing doctors to identify the presence of cancer in blood. Montagu led a buy-out of the company in September 2006, investing alongside Astorg Partners, Intermediate Capital Group, and Sebia founder Guy Barouh.
Since the acquisition and under Benoît Adelus’ leadership, Sebia has increased its share in existing markets and expanded its global footprint to over 110 countries.
Cinven partner Nicolas Paulmier said, “We were deeply impressed by Sebia, which we see as a robust organisation with exciting prospects. The acquisition of Sebia fits with our strategy of investing in high value diagnostic categories, illustrated by our 2006 acquisition of Phadia, the market leader in allergy testing.”
Montagu recently underwent a management reshuffle, with CEO Chris Masterson becoming chairman and director Jason Gatenby filling his old seat.
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