DUTSCHER acquired by 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.
In the past, the company had already been the subject of several LBOs, notably led by Five Arrows in 2014 and Lbo France in 2020. These multiple LBO cycles illustrate the strong appeal for this type of asset.
DUTSCHER, which reported an EBITDA margin of [members only] in 2025, 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
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
€300–700M
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with DUTSCHER
Other operations with DUTSCHER
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REFERENCES
Valuation range: EV €300–700M
Revenue range: €250–500M
EBITDA range: €10–30M
EV/Revenue range: below 1.5x
EV/EBITDA range: 10x - 18x
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: vivo capital