CEVA SANTE ANIMALE acquired by INSTITUT MERIEUX / ARCHIMED
Context
Ceva organized its sixth LBO to support its continued growth. The transaction values the group at over EUR9 billion (nearly double the EUR5bn valuation in 2020). Two new shareholders joined the table: Institut Merieux (strengthening the existing presence of Merieux Equity Partners) and Archimed (investing via its large-cap fund). Historical investors, including Tethys and PSP, significantly reinvested. Crucially, the management team led retains control of the voting rights (60%) despite holding 23% of the capital.
In the past, the company had already been the subject of several LBOs, notably led by Institut Merieux / Sagard / Sofiproteol in 2014 and Tethys Invest / Psp Investments / Mitsui & Co in 2020. This succession of buyouts highlights the strong attractiveness of the company's business model.
CEVA SANTE ANIMALE, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Ceva is the 5th largest animal health company in the world. Headquartered in Libourne, it employs 7,000 people in 47 countries. The group balances its activity between preventive medicine (vaccines) and pharmaceutical products for poultry, swine, ruminants, and pets (30% of sales). It invests ~10% of revenue in R&D.
Ent. Value
€5–15bn
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with CEVA SANTE ANIMALE
Other operations with CEVA SANTE ANIMALE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2020 | TETHYS INVEST / PSP INVESTMENTS / MITSUI & CO | CEVA SANTE ANIMALE | FRANCE | Animal Health |
| 09/2014 | INSTITUT MERIEUX / SAGARD / SOFIPROTEOL | CEVA SANTE ANIMALE | FRANCE | Animal Health |
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Other operations with INSTITUT MERIEUX / ARCHIMED
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2014 | INSTITUT MERIEUX / SAGARD / SOFIPROTEOL | CEVA SANTE ANIMALE | FRANCE | Animal Health |
REFERENCES
Valuation range: EV €5–15bn
Revenue range: €1–10bn
EBITDA range: €450–900M
EV/Revenue range: 4x - 10x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CEVA SANTE ANIMALE by INSTITUT MERIEUX / ARCHIMED 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.
Press release: view release
Target: ceva sante animale
Acquirer: archimed / institut merieux