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M&A

LABORATOIRES ANIOS

Acquired by

ARDIAN

FRANCE Life Sciences EV [100m EUR - 500m EUR] 10/2013

LABORATOIRES ANIOS acquired by ARDIAN

FRANCE Life Sciences EV [100m EUR - 500m EUR] 10/2013

Target

LABORATOIRES ANIOS

Acquirer

ARDIAN

Context

Air Liquide has entered into exclusive negotiations to sell its 66% majority stake in Laboratoires Anios to a consortium comprised of Ardian and the founding Letartre brothers, Bertrand and Thierry. This transaction represents a strategic spin-off for Air Liquide, allowing the industrial gas giant to refocus its hygiene activities exclusively on its German subsidiary, Schülke & Mayr. The acquisition is structured with an LBO featuring a senior debt facility and an important CAPEX line to fund future growth. The financing reflects a leverage effect of 4.0x to 5.0x EBITDA. The primary strategic rationale for the new ownership is to accelerate Anios's international footprint, particularly through M&A opportunities in emerging markets such as Brazil, India, and China, moving the company toward a more globalized operational model.

Target

Founded by the Letartre family and based in Lille, Laboratoires Anios is a European leader in the hygiene and disinfection sector for hospitals, clinics, and industrial environments. The company provides holistic solutions for medical device disinfection, including endoscope washer-disinfectors, as well as products for the food and professional cleaning industries. Its business model integrates high-intensity R&D with specialized chemical manufacturing across international sites.

Ent. Value

Equity Value

Multiples Analysis

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2013

2012

Other operations with LABORATOIRES ANIOS

Date	Acquirer	Target	Country	Sector	Deal Context
02/2017	ECOLAB	LABORATOIRES ANIOS	FRANCE	Life Sciences	Ecolab has completed the acquisition of 100% of Laboratoires Anios from Ardian and the Letartre family. This transaction represents a definitive exit for the private equity firm Ardian, which had supported the founding family in a 2013 LBO following a previous ownership cycle by Air Liquide. The strategic rationale for Ecolab is to establish a dominant foothold in the European hospital disinfection market, a segment where it was previously underrepresented. For Anios, the merger provides a global springboard, particularly to accelerate its expansion into the Chinese market. Over the three years of Ardian’s ownership, Anios achieved a 25% increase in revenue and a 55% jump in EBITDA, driven by a series of five strategic "bolt-on" acquisitions.