At what enterprise value was NOVACAP acquired in 2016?

During the acquisition of NOVACAP by EURAZEO / MERIEUX EQUITY PARTNERS in 2016, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR.

What was the EV/EBITDA of NOVACAP when it was acquired by EURAZEO / MERIEUX EQUITY PARTNERS?

The estimated EV/EBITDA multiple for NOVACAP is in the range of 5x - 12x.

When was NOVACAP acquired by EURAZEO / MERIEUX EQUITY PARTNERS?

NOVACAP was acquired by EURAZEO / MERIEUX EQUITY PARTNERS in 2016.

What was the revenue of NOVACAP at the time of the deal?

The revenue of NOVACAP at the time of the deal is estimated to be in the range of 450M - 900M EUR.

What was the EBITDA of NOVACAP during the acquisition?

NOVACAP's EBITDA is estimated to be in the range of 50M - 100M EUR.

How is the data for the NOVACAP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the NOVACAP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.ardian.com/fr/communiques-de-presse/ardian-cede-sa-participation-majoritaire-dans-novacap

What is the average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026?

The average EV/EBITDA multiple for the Industry & Manufacturing sector in 2026 is 11.5x.

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Home Database Industry & ManufacturingNOVACAP

04/2016

NOVACAP acquired by EURAZEO & MERIEUX EQUITY PARTNERS

FRANCE Chemicals & Materials / Specialty Chemicals EV 500M - 1.5b EUR

Context

Eurazeo and Mérieux Développement have signed an agreement to acquire a majority stake in Novacap from Ardian, which had held the company since March 2011. Ardian will retain a minority stake to maintain its commitment to the management team led by Pierre Luzeau. During Ardian's five-year ownership, Novacap underwent a massive transformation, executing six external acquisitions (notably in China and Germany) totaling approximately €240 million. This was complemented by an €85 million organic investment program to upgrade production tools. The strategic rationale for the new owners is to capitalize on Novacap’s reinforced position in high-margin target markets (pharmacy, health, and cosmetics), which now represent 68% of the group's activity compared to 44% previously. The transaction highlights Novacap's shift into a truly global player, with a strong footprint in Asia and a diversified revenue stream across essential chemical sectors. The new partnership aims to leverage Eurazeo’s financial strength and Mérieux’s healthcare network to pursue further international growth and solidify the group’s leadership in the specialty ingredients market.

It is worth noting that the fund Ardian took control of Novacap through an LBO in 2010.

NOVACAP, which reported an EBITDA margin of in 2015, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Industry & Manufacturing sector (11.5x).

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Target

Novacap is an international specialty chemicals group headquartered in Lyon, France, specializing in the production and distribution of essential chemical ingredients. The organization is a global leader across diversified end-markets, including pharmaceuticals, healthcare, cosmetics, fragrances, food, animal nutrition, and environmental services. Its extensive product portfolio includes active pharmaceutical ingredients (APIs) such as aspirin and paracetamol, as well as salicylic acid, soda ash, sodium bicarbonate, and oxygenated solvents. The business model transitioned from a France-centric operation to a global platform with 14 production facilities worldwide and a workforce of 1,600 people, half of whom are based in Asia. Organized into three divisions—Mineral Specialties, Pharmaceutical & Cosmetics, and Performance Chemicals—the group serves over 750 clients globally, emphasizing sustainable development and high-value chemical synthesis for mission-critical consumer products.

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Other operations with NOVACAP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
11/2010	ARDIAN	NOVACAP	FRANCE	Specialty Chemicals

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NOVACAP by EURAZEO / MERIEUX EQUITY 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.

Acquirer: eurazeo / merieux equity partners