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M&A

HTL BIOTECHNOLOGY

Acquired by

BRIDGEPOINT

FRANCE Life Sciences EV [500m EUR - 1b EUR] 10/2018

HTL BIOTECHNOLOGY acquired by BRIDGEPOINT

FRANCE Life Sciences EV [500m EUR - 1b EUR] 10/2018

Target

HTL BIOTECHNOLOGY

Acquirer

BRIDGEPOINT

Context

Bridgepoint has acquired a majority stake in HTL, the specialized producer of hyaluronic acid, in a secondary LBO transaction from Naxicap Partners. This operation follows a period of rapid development under the previous sponsor, which had orchestrated a management buy-in (MBI) only eighteen months prior. In this new capital structure, Naxicap Partners retains a significant minority interest, signaling continued confidence in the company's growth trajectory and industrial potential. The rationale for the transaction is rooted in HTL,s exceptional profitability and its unique position in a high-barrier-to-entry niche of the biotechnology sector. With Bridgepoint,s support, HTL aims to accelerate its international transformation, moving beyond its historical European stronghold to capture market share in North America and Asia.

Target

Founded in the late 20th century, HTL is a leading global biotechnology company specializing in the development, production, and purification of pharmaceutical-grade hyaluronic acid and other bio-sourced polymers. Based in Brittany, the company utilizes advanced fermentation and purification processes to supply high-purity ingredients to the global healthcare industry. Its value proposition is centered on technical excellence and the ability to provide customized molecular weights for sensitive medical applications, including dermatology for wrinkle filling, ophthalmology for cataract surgery, and rheumatology for joint treatments. HTL,s strategy focuses on continuous innovation through significant R&D investments and the expansion of its industrial capacities to maintain a leadership position in the high-end biopolymer market. By maintaining a discreet but critical role in the pharmaceutical supply chain, the company ensures that global medical device and pharma manufacturers have access to safe, natural, and highly effective components for life-changing medical treatments.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with HTL BIOTECHNOLOGY

Date	Acquirer	Target	Country	Sector	Deal Context
02/2022	MONTAGU PRIVATE EQUITY / PARTNERS GROUP	HTL BIOTECHNOLOGY	FRANCE	Life Sciences	This transaction marks the third leveraged buyout for HTL Biotechnology, with Montagu Private Equity entering into exclusive negotiations to acquire a majority stake from Bridgepoint. Partners Group joined Montagu as a co-investor in this operation, while the existing management team remains significantly involved in the capital. The strategic rationale for this LBO is to accelerate HTL,s transformation from a specialized hyaluronic acid producer into a diversified, global biopolymer platform. Under the previous ownership, the company significantly expanded its R&D capabilities, doubled its production capacity with a €50M industrial investment, and established a strong presence in the US and Chinese markets. Key to this new phase of growth is a major partnership with Eirion Therapeutics, positioning HTL as the exclusive manufacturer of a novel botulinum toxin using its proprietary fermentation process. Montagu intends to leverage its healthcare expertise to further the group,s internationalization and portfolio diversification, particularly in high-growth segments like tissue engineering. The acquisition is supported by a significant unitranche financing package, reflecting the strong cash-flow generation and premium positioning of the asset in the pharmaceutical supply chain.