CERBA HEALTHCARE acquired by PARTNERS GROUP & PSP INVESTMENTS
Context
Partners Group and Canadian pension fund PSP entered exclusive negotiations to acquire Cerba from PAI Partners. The consortium beat out CVC and Apax, but most notably rejected a higher offer (>EUR2bn) from industrial player Cinven (owner of Synlab/Labco). Management preferred the financial sponsors to avoid massive cost synergies and restructuring.
In the past, the company underwent an LBO led by Pai Partners in 2010, and continued an active consolidation strategy by notably acquiring Novescia (2015).
CERBA HEALTHCARE, which reported an EBITDA margin of [members only] in 2016, 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)
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) |
| 01/2015 | CERBA HEALTHCARE | NOVESCIA | FRANCE | Labs (Biology) |
| 06/2010 | PAI PARTNERS | CERBA HEALTHCARE | FRANCE | Labs (Biology) |
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REFERENCES
Valuation range: EV €1–10bn
Revenue range: €450–900M
EBITDA range: €100–200M
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 PARTNERS GROUP / PSP INVESTMENTS 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: psp investments / partners group