IONISOS acquired by 3I
Context
Ionisos, a leading European specialist in cold sterilization services, has entered its fifth LBO cycle following its acquisition by 3i Infrastructure. The London-listed investor is deploying �220 million to acquire up to 100% of the company's equity from Ardian Expansion, which had held the asset since 2016. The remaining shares are held by the management team.
IONISOS, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.6x).
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Target
IONISOS, a specialist in gamma sterilization, ebeam, X-rays and ethylene oxide sterilization, offers its ionizing radiation and EO gas treatment services to professionals in the medical, pharmaceutical, veterinary, cosmetics and agri-food packaging industries.
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2019 | SAGARD | STERIMED | FRANCE | Medical Consumables |
| 08/2019 | PERMIRA | CAMBREX CORPORATION | UNITED STATES | CDMO |
| 07/2019 | PERMIRA | QUOTIENT SCIENCES | UNITED KINGDOM | CDMO |
| 05/2019 | ARDIAN | SINTETICA | SWITZERLAND | Pharma & Biotech |
| 04/2019 | ICG / MERIEUX EQUITY PARTNERS | DOC GENERICI | ITALY | Generics / Labs |
| 04/2019 | EURAZEO | D.O.R.C. (DUTCH OPHTHALMIC RESEARCH CENTER) | NETHERLANDS | Medical Devices |
| 12/2018 | MERCK & CO. | ANTELLIQ | FRANCE | Animal Health |
| 11/2018 | ARDIAN | NEOPHARMED GENTILI | ITALY | Generics / Labs |
| 10/2018 | ASTORG | NEMERA | FRANCE | Medical Consumables |
| 10/2018 | BRIDGEPOINT | HTL BIOTECHNOLOGY | FRANCE | CDMO |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 25M - 50M EUR
EBITDA range: 5M - 25M EUR
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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: 3i