LAGARRIGUE
Acquired by
NAXICAP PARTNERS
LAGARRIGUE acquired by NAXICAP PARTNERS
Target
LAGARRIGUE
Acquirer
NAXICAP PARTNERS
Context
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.
LAGARRIGUE, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 13.4x average currently observed in the Healthcare & Pharma sector.
Note that 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.
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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
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with LAGARRIGUE
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 09/2016 | ARDIAN / IXO PRIVATE EQUITY | LAGARRIGUE | FRANCE | Implants & Prosthetics | 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. |
| 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. |
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