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03/2021

CERBA HEALTHCARE acquired by EQT PARTNERS

FRANCE Health Providers / Healthcare Facilities / Labs (Biology) EV €1–10bn

Context

EQT entered into exclusive negotiations to acquire Cerba HealthCare from Partners Group. The transaction values the group at EUR4.5 billion, significantly higher than initial market estimates (EUR3bn). PSP Investments, a shareholder for four years, realized a partial cash-out but reinvested to remain a key minority partner alongside EQT and the 400 biologist-managers. The deal was financed with a massive EUR2.5 billion Senior Debt package (Term Loan B).

Previously, the company had already undergone several LBOs, notably led by Pai Partners in 2010 and Partners Group / Psp Investments in 2017. This succession of buyouts, combined with an active build-up strategy, highlights the strong attractiveness of the company's business model.

CERBA HEALTHCARE, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the Healthcare & Pharma sector (14.3x).

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Target

Cerba HealthCare is a leading international network of clinical pathology laboratories. Headquartered in France, it operates across Europe and Africa. The group serves patients, physicians, and pharmaceutical companies (via its clinical trial division). It relies on a network of 400 biologists and managers who are also shareholders.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€1–10bn
€250–500M
[members only]
2019
€1–10bn
€250–500M
[members only]

Other operations with CERBA HEALTHCARE

Other operations with CERBA HEALTHCARE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2023CERBA HEALTHCARECIRION BIOPHARMA RESEARCHCANADACRO / Clinical Trials
11/2021CERBA HEALTHCARELABEXAFRANCELabs (Biology)
07/2021CERBA HEALTHCARELIFEBRAINITALYLabs (Biology)
01/2017PARTNERS GROUP / PSP INVESTMENTSCERBA HEALTHCAREFRANCELabs (Biology)
01/2015CERBA HEALTHCARENOVESCIAFRANCELabs (Biology)
06/2010PAI PARTNERSCERBA HEALTHCAREFRANCELabs (Biology)

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CERBA HEALTHCARE by EQT PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: cerba healthcare

Acquirer: eqt partners