Astorg partners ("Astorg") and Montagu Private Equity ("Montagu") announce they have entered exclusive negotiations with Cinven to jointly acquire the Sebia Group ("Sebia") alongside its management team.
Sebia is a global IVD specialty company developing innovative diagnostics solutions for biologists and physicians in the fields of oncology, haemoglobin disorders and metabolic disorders including diabetes. The company develops, manufactures and distributes a proprietary range of reagents and automated platforms based on protein separation through electrophoresis to diagnose and monitor protein gammopathies, and notably multiple myeloma. In addition, Sebia has successfully extended over the years its product portfolio to address attractive new markets such as glycated haemoglobin (Hb1Ac) testing (diabetes monitoring) and genetic haemoglobin disorders (thalassemia and sickle cell disease detection). Its head office, research and production facilities are located in Lisses, near Paris. Sebia has 450 employees worldwide and generates more than three-‐quarters of its revenues outside of France.
Benoit Adelus, Sebia's Chairman and CEO, said: "Sebia has continued over the past few years to grow and strengthen its leadership position in myeloma diagnostic and monitoring while developing and launching innovative solutions to improve the diagnostic of Hb disorders and more recently the quantification of HbA1c enabling the monitoring of diabetes. I am very happy to be partnering once again with Astorg and Montagu. Both have demonstrated in the past their willingness and capacity to back Sebia's development. Their expertise in the healthcare sector as well as their strong support to our strategy will be a real contribution to further develop our company. I look forward to this new phase for Sebia."
Sylvain Berger-Duquene, Director and Head of France and Germany at Montagu Private Equity LLP, commented: "Sebia is a company we know well, having already been shareholders alongside Astorg in the past. It offers all the key attributes we look for in an investment, including rapid organic potential, technological leadership, and an excellent management team in a sector, healthcare, where we have had considerable success. We have been impressed by the company's continued development, supported by the management's successful strategy of innovation and geographic expansion, and are very pleased to be backing it again going forward."
Thierry Timsit, Managing Partner at Astorg Partners, added: "We are proud to have been involved continuously in Sebia's development for more than a decade, actively supporting its path towards the world leadership in clinical electrophoresis, and its growth into new therapeutic area. We are delighted to join forces again with Montagu to back Sebia's outstanding management team, and we look forward to bringing our two firms' combined strengths to support the execution of an ambitious plan to grow the company beyond its very strong oncology positions through efficient R&D investments.
Completion of the transaction is subject to consultation with Sebia's Works Council and satisfactory clearance from relevant competition and regulatory authorities.
Goldman Sachs, Nomura, and Weil Gotshal acted as exclusive advisors to Astorg and Montagu.