CEVA SANTE ANIMALE
Acquired by
INSTITUT MERIEUX / ARCHIMED
CEVA SANTE ANIMALE acquired by INSTITUT MERIEUX / ARCHIMED
Target
CEVA SANTE ANIMALE
Acquirer
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.
CEVA SANTE ANIMALE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 12.8x average currently observed in the Healthcare & Pharma sector.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with CEVA SANTE ANIMALE
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2020 | TETHYS INVEST / PSP INVESTMENTS / MITSUI & CO | CEVA SANTE ANIMALE | FRANCE | Animal Health | Ceva Sante Animale completed a historic "Jumbo LBO". This transaction allowed the management team (800+ executives) to retain over 50% of the capital—a record for a deal of this size in France (comparable only to the Legrand buyout in 2002). Four new long-term investors joined the "Friends of Ceva" consortium: Tethys Invest, PSP, Mitsui, and Klocke. Historical investors, led by Temasek, significantly reinvested their proceeds. |
| 09/2014 | INSTITUT MERIEUX / SAGARD / SOFIPROTEOL | CEVA SANTE ANIMALE | FRANCE | Animal Health | Ceva announced the entry of Merieux Developpement (investment arm of Institut Merieux) into its capital, finalizing the syndicate for its fourth LBO. Merieux joins Asian investors Temasek and CDH Investments, as well as French funds Sagard, Euromezzanine, and Sofiproteol. The strategic rationale is to leverage Institut Merieux's scientific network to fight emerging diseases and antibiotic resistance, and to accelerate Ceva's expansion in Asia (China). |
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