CERBA HEALTHCARE acquired by PAI PARTNERS
Context
PAI Partners acquired a majority stake in Cerba HealthCare, marking the group's fourth LBO (LBO IV). The transaction was structured to support an aggressive external growth strategy. The acquisition was originally financed through a combination of Senior Loans and Mezzanine debt (which were later refinanced via a High Yield bond issuance in 2013). Under PAI's tenure, the group's revenue would eventually triple.
CERBA HEALTHCARE, which reported an EBITDA margin of [members only] in 2009, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
-> Deep-dive in Healthcare & Pharma market trends
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
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with CERBA HEALTHCARE
Other operations with CERBA HEALTHCARE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2023 | CERBA HEALTHCARE | CIRION BIOPHARMA RESEARCH | CANADA | CRO / Clinical Trials |
| 11/2021 | CERBA HEALTHCARE | LABEXA | FRANCE | Labs (Biology) |
| 07/2021 | CERBA HEALTHCARE | LIFEBRAIN | ITALY | Labs (Biology) |
| 03/2021 | EQT PARTNERS | CERBA HEALTHCARE | FRANCE | Labs (Biology) |
| 01/2017 | PARTNERS GROUP / PSP INVESTMENTS | CERBA HEALTHCARE | FRANCE | Labs (Biology) |
| 01/2015 | CERBA HEALTHCARE | NOVESCIA | FRANCE | Labs (Biology) |
Similar deals in Health Providers
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2015 | CERBA HEALTHCARE | NOVESCIA | FRANCE | Labs (Biology) |
| 10/2014 | WATERLAND | MEDIAN KLINIKEN | GERMANY | Clinics / Hospitals |
| 09/2014 | EURAZEO | COLISÉE | FRANCE | Nursing Homes |
| 06/2014 | PAI PARTNERS | DOMUSVI | FRANCE | Nursing Homes |
| 03/2014 | EQT PARTNERS | I-MED RADIOLOGY NETWORK | AUSTRALIA | Radiology |
| 07/2012 | MANAGEMENT & PRIVATE INVESTORS | LVL MEDICAL GERMANY | GERMANY | Outpatient Care |
| 06/2012 | AIR LIQUIDE | ORKYN (EX LVL MEDICAL) | FRANCE | Outpatient Care |
| 12/2010 | SAGA GROUP | NESTOR HEALTHCARE GROUP | UNITED KINGDOM | Outpatient Care |
| 05/2010 | HG CAPITAL | FRÖSUNDA | SWEDEN | Healthcare Facilities |
| 03/2010 | BRIDGEPOINT | CARE UK | UNITED KINGDOM | Nursing Homes |
Other operations with PAI PARTNERS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | PAI PARTNERS | ARLETTIE | FRANCE | Specialized Retail |
| 05/2026 | PAI PARTNERS | MECAER AVIATION GROUP | ITALY | Engines & Systems |
| 10/2025 | PAI PARTNERS / ADIA | FRONERI | UNITED KINGDOM | Food Products |
| 10/2025 | PAI PARTNERS | CYRUS | FRANCE | Wealth & Asset Management |
| 08/2025 | PAI PARTNERS | Innovad Group | BELGIUM | Animal Health |
| 01/2025 | PAI PARTNERS / ADIA | ALVEST | FRANCE | Aerospace, Naval & Defense |
| 03/2024 | PAI PARTNERS | BEAUTYNOVA | ITALY | Hygiene & Beauty Brands |
| 07/2023 | PAI PARTNERS | INFRA GROUP | BELGIUM | IT Services |
| 06/2023 | PAI PARTNERS | ECF GROUP | FRANCE | Hospitality Supplies |
| 05/2023 | PAI PARTNERS | LOOPING GROUP | FRANCE | Leisure Facilities |
REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €150–250M
EV/Revenue range: 1x - 3x
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 PAI 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: pai partners