Essling Capital / Multicroissance / Bourrelier Group take majority stake in Teknimed

Essling Capital took a majority stake in Teknimed in November 2021, through its Essling Expansion fund, buying from Apax Development, Crédit Mutuel Equity and Bpifrance, which had held the company since 2015. It acquired the majority alone, with Multicroissance and Bourrelier Group, the investment vehicle of Bricorama founder Jean-Claude Bourrelier, joining as co-investors. The transaction took the form of a pre-emptive offer prepared from the start of the year, which forestalled the auction expected for the end of it. Founded in Toulouse, Teknimed develops and manufactures implantable biomaterials, principally bone cements for spinal and orthopaedic surgery. These are the compounds surgeons use to anchor a prosthesis to the bone or to fill and stabilise a vertebra, setting in place during the operation itself, which makes their handling properties as critical as their composition. The company generated revenue of €5–25M, more than 80% of it outside France, across other European countries, Asia, South America and North America. It does not sell to hospitals directly, but through distributors of orthopaedic equipment, and supplies larger device manufacturers that resell its cements within kits alongside their own products. Extending that second channel was central to its plan: producing biomaterials under white label, to its customers’ own specifications, for the major manufacturers in the field. The production site had been extended with new cleanrooms in 2018, giving it capacity for three times its output. The investors backed an acceleration in North America and acquisitions to widen the product range. Alvarez & Marsal, Avicenne Développement and Goodwill Partners carried out financial, strategic and environmental due diligence for the investors, with Dentons as legal counsel. Potomac Transactions and Villechenon advised the sellers, while LBO Managers, Finadoc and Volt Associés acted for the company and De Pardieu Brocas Maffei for the senior lenders.