Apheon takes majority stake in Teknimed

Apheon (ex Ergon) entered into exclusive negotiations to acquire a majority stake in Teknimed from Essling Capital and its co-investors Multicroissance and Bourrelier Group, in a secondary buyout and the company’s third leveraged transaction, at a valuation of €50–150M. Chief executive Carole Léonard remained a significant shareholder alongside the new owner. Completion remained subject to consultation with employee representatives and to customary regulatory approvals. Apheon invested through its fifth fund, then in its final deployment phase, and financed the purchase with a unitranche facility arranged by Apera AM, which had already backed the previous buyout, with several capital expenditure lines secured alongside it. Founded in 1990 and headquartered in Toulouse, Teknimed develops and manufactures implantable biomaterials, principally bone cements. These are the compounds surgeons use to anchor a hip or knee prosthesis to the bone, or to fill and stabilise a vertebra, and they set in place during the operation itself, which makes their handling properties and setting time as critical as their composition. The company also supplies synthetic bone substitutes and sports medicine products. It formulates, develops, manufactures and distributes its range in-house, and holds MDR certification across the entire portfolio, the European regime that replaced the previous rules and which many smaller manufacturers have struggled to meet. It generated revenue of €10–30M and supplied around 280 orthopaedic device makers and distributors in more than 80 countries. Essling Capital sold five years after acquiring the business from Apax Development, Crédit Mutuel Equity and Bpifrance, with its two co-investors exiting alongside it. Apheon intended to build an orthopaedic biomaterials platform around the company, widening its product range and making acquisitions, with the first expected in the United States. The firm already held Ortivity, a German orthopaedic services group it had grown through acquisitions, and drew on that experience of the sector.

Teknimed had already undergone several LBOs in the past, notably in 2015 with Apax Partners / Credit Mutuel Equity / Bpifrance and in 2021 with Essling Capital / Multicroissance / Bourrelier Group. These multiple LBO cycles illustrate the strong appeal for this type of asset.