DUTSCHER
Acquired by
LBO FRANCE
DUTSCHER acquired by LBO FRANCE
Target
DUTSCHER
Acquirer
LBO FRANCE
Context
LBO France acquired a controlling stake in Dutscher, replacing Five Arrows (who had held the majority since 2014). This Secondary LBO also marked the exit of the founder's son, who held ~40% but had no operational role, completing the transition from a family-owned business to a financial-backed platform.
DUTSCHER, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount 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
Headquartered in Alsace, Dutscher is a leading European distributor of consumables (pipettes, reagents) and equipment for research and medical laboratories. The company acts as a "one-stop-shop" for public research institutes and biotech companies. Under LBO France's ownership (2020-2026), Dutscher transformed from a French-centric player into a pan-European platform. It completed 13 add-on acquisitions ("build-ups"), expanding its footprint into the Nordics (Denmark, Sweden, Finland), the Baltics, and strengthening its presence in the UK/Ireland.
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 DUTSCHER
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 02/2026 | VIVO CAPITAL | DUTSCHER | FRANCE | Medical Consumables | Vivo Capital acquired a majority stake in Dutscher from LBO France. LBO France had acquired the asset in July 2020 from Five Arrows (Rothschild) for an enterprise value of EUR100-150M (investing EUR60M in equity). In this exit, LBO France achieved a net return multiple of ~2.5x. Interestingly, Five Arrows remains involved as the debt provider for this new LBO. The deal is expected to close in H1 2026. |
| 01/2014 | FIVE ARROWS | DUTSCHER | FRANCE | Medical Consumables | Five Arrows Managers acquired a stake in Dominique Dutscher to facilitate a partial cash-out for the founder, Dominique Dutscher. While the exact percentage was undisclosed at the time, the deal structure was a classic Owner Buy-Out (OBO), allowing the founder to secure some wealth while remaining invested to drive the next phase of growth. The transaction was financed with senior debt provided by a pool of three banks. |
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