Home Database Healthcare & PharmaLagarrigue

04/2021MajorityLBO

Naxicap Partners takes majority stake in Lagarrigue

FRANCE Life Sciences / Medical Devices / Implants & Prosthetics EV €300–700M

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.

The acquisition of Lagarrigue is part of the growth strategy of Naxicap Partners, which already has several external growth operations under its belt, notably Eureka Education in 2020.

Lagarrigue, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Lagarrigue

Other operations with Lagarrigue
Date	Acquirer	Target	Country	Sector
09/2016	ARDIAN / IXO PRIVATE EQUITY	LAGARRIGUE	FRANCE	Implants & Prosthetics
05/2011	AZULIS CAPITAL / BNP PARIBAS DEVELOPPEMENT / GALIA	LAGARRIGUE	FRANCE	Implants & Prosthetics

Other operations with Naxicap Partners

Other operations with Naxicap Partners
Date	Acquirer	Target	Country	Sector
11/2024	NAXICAP PARTNERS	GLOBAL D	FRANCE	Implants & Prosthetics
05/2024	NAXICAP PARTNERS	ITAL EXPRESS	FRANCE	B2B Specialized Distribution
10/2020	NAXICAP PARTNERS	EUREKA EDUCATION	FRANCE	Education Providers
09/2019	NAXICAP PARTNERS	SIBLU VILLAGES	FRANCE	Hotels & Accommodation
07/2019	NAXICAP PARTNERS / ARDIAN	EMERA	FRANCE	Nursing Homes
12/2016	NAXICAP PARTNERS	ECF GROUP	FRANCE	Hospitality Supplies
07/2016	NAXICAP PARTNERS	STELLIANT	FRANCE	Insurance
01/2016	NAXICAP PARTNERS	ACOLAD	FRANCE	Document Management
07/2014	NAXICAP PARTNERS	SUD ROBINETTERIE INDUSTRIE	FRANCE	Valves, Pumps & Taps
09/2011	NAXICAP PARTNERS	SUSHI SHOP GROUP	FRANCE	Restaurants / Chains

Similar deals in Life Sciences

Similar deals in Life Sciences
Date	Acquirer	Target	Country	Sector
07/2021	MONTAGU PRIVATE EQUITY	INTECH MEDICAL	FRANCE	Implants & Prosthetics
07/2021	ORKLA	NUTRAQ	NORWAY	Nutrition & Dietary Supplements
04/2021	NESTLE	THE BOUNTIFUL COMPANY	UNITED STATES	Nutrition & Dietary Supplements
04/2021	DIASORIN	LUMINEX CORPORATION	UNITED STATES	Diagnostic Equipment
03/2021	CVC	COOPER-VEMEDIA	FRANCE	Generics / Labs
02/2021	SIPAREX	WINNCARE	FRANCE	Medical Devices
02/2021	IK PARTNERS	INNOVAD GROUP	BELGIUM	Animal Health
01/2021	MONTAGU PRIVATE EQUITY	IMV TECHNOLOGIES	FRANCE	R&D Biotech
01/2021	SAGARD	NUTRISENS	FRANCE	Nutrition & Dietary Supplements
01/2021	ARDIAN / BNP PARIBAS DEVELOPPEMENT	PROTEOR	FRANCE	Implants & Prosthetics

REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Lagarrigue by Naxicap Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: lagarrigue

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Lagarrigue, a French company specialised in Medical Devices, by Naxicap Partners in 2021, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in September 2016, when the company was acquired by Ardian / Ixo Private Equity.

How was the acquisition of Lagarrigue by Naxicap Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Lagarrigue’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Lagarrigue generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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