DUTSCHER
Acquired by
VIVO CAPITAL
DUTSCHER acquired by VIVO CAPITAL
Target
DUTSCHER
Acquirer
VIVO CAPITAL
Context
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.
DUTSCHER, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.4x average currently observed in the Healthcare & Pharma sector.
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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 |
|---|---|---|---|---|---|
| 03/2020 | LBO FRANCE | DUTSCHER | FRANCE | Medical Consumables | 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. |
| 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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