LAGARRIGUE
Acquired by
ARDIAN / IXO PRIVATE EQUITY
LAGARRIGUE acquired by ARDIAN / IXO PRIVATE EQUITY
Target
LAGARRIGUE
Acquirer
ARDIAN / IXO PRIVATE EQUITY
Context
Ardian entered into exclusive negotiations to acquire a majority stake in Lagarrigue from Azulis Capital. The transaction allowed the management team to reinforce their equity stake. Historical minority investor iXO Private Equity reinvested, while Azulis Capital, Galia Gestion, and BNP Paribas Developpement fully exited. This deal marked the transition from a regional SME to a national leader with international ambitions. The roadmap focused on external growth and digital transformation.
This transaction is part of the Healthcare & Pharma industry, which currently tracks an average EBITDA multiple of 12.8x since the beginning of 2026, 1.8% increase compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
-> Deep-dive in Healthcare & Pharma market trends
Target
Based in Toulouse, Lagarrigue is a leading French provider of external orthopaedic devices (prosthetics and orthotics). The group specializes in custom-made solutions (95% of activity) for patients with disabilities. Under previous ownership, it tripled its size, expanding into Switzerland, Belgium, and Spain, and digitized its operations through software subsidiaries (Rodin 4D, Vorum).
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples Analysis
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Other operations with LAGARRIGUE
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2021 | NAXICAP PARTNERS | LAGARRIGUE | FRANCE | Implants & Prosthetics | Naxicap Partners acquired a majority stake (~80%) in Groupe Lagarrigue from Ardian and iXO Private Equity. The management team reinvested to hold the remaining ~20%. Naxicap prevailed in a competitive auction process managed by Edmond de Rothschild Corporate Finance, beating out offers from IK Investment Partners and Cobepa. The transaction is financed through a unitranche debt facility (likely provided by ArcMont AM) combined with a PIK note (CIC Private Debt), including significant capex lines to fund future external growth. |
| 05/2011 | AZULIS CAPITAL / BNP PARIBAS DEVELOPPEMENT / GALIA | LAGARRIGUE | FRANCE | Implants & Prosthetics | Following an initial OBO three years prior (where debt was fully repaid), Lagarrigue completed a majority LBO led by Azulis Capital. The consortium, including BNP Paribas Developpement, Galia Gestion, and historical investor iXO PE, acquired approximately 80% of the capital. The operation marked the full exit of the founder, who sold his remaining 20% stake. The manager and key executives reinvested for the remaining 20%. The deal was structured conservatively with 70% Equity/Mezzanine and only 30% Senior Debt to allow headroom for acquisitions in a fragmented market. |
mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.