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09/2025MinorityLBO

Credit Mutuel Equity, Eurazeo, Bpifrance & BNP Paribas Developpement invest in Proteor

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

Context

Proteor has orchestrated a secondary Owner Buy-Out (OBO Bis). The transaction allows Ardian Growth to exit its minority position, which it held since the primary OBO in 2021, realizing a return of approximately 3x money. The founding Archambeaud family remains the majority shareholder, continuing its 4th-generation leadership. The strategic rationale for this new round is to consolidate Proteor’s industrial activity and fund future international acquisitions, building on the successful integration of Freedom Innovations in the USA. The deal was supported by a diverse pool of national and regional banks providing senior debt. This partnership aims to strengthen Proteor’s position as a global integrated player, balancing its manufacturing expertise with its extensive network of orthopedic centers amidst a consolidating global market.

As a reminder, Proteor had previously welcomed Ardian / BNP Paribas Developpement to its capital in 2021.

Proteor, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Healthcare & Pharma sector (14.5x in 2025).

-> Deep-dive in Healthcare & Pharma market trends

Target

Founded in 1913, PROTEOR is a world-class leader in the orthotics and prosthetics (O&P) market. The group specializes in high-tech orthopedic components (microprocessor knees, bionic feet) and custom-made medical devices. It operates a dual model combining manufacturing (R&D/Sales) and a large network of specialized care centers in France.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€100–200M
€10–30M
[members only]
2023
€100–200M
€10–30M
[members only]

Other operations with Proteor

Other operations with Proteor
DateAcquirerTargetCountrySector
01/2021ARDIAN / BNP PARIBAS DEVELOPPEMENTPROTEORFRANCEImplants & Prosthetics

Other operations with Credit Mutuel Equity / Eurazeo / Bpifrance / BNP Paribas Developpement

Other operations with Credit Mutuel Equity / Eurazeo / Bpifrance / BNP Paribas Developpement
DateAcquirerTargetCountrySector
10/2026CREDIT MUTUEL EQUITY / MANAGEMENT & PRIVATE INVESTORSMAISON BISSARDONFRANCESoft Drinks
09/2026CREDIT MUTUEL EQUITYVAN DEN CASTEELEFRANCEDairy
09/2026CREDIT MUTUEL EQUITY / OLMACAVIAR DE NEUVICFRANCEAquaculture
07/2026CREDIT MUTUEL EQUITYNETCLOUDSWITZERLANDMSP (Managed Services)
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02/2026CREDIT MUTUEL EQUITYLA VIE CLAIREFRANCEFine Food / Organic
11/2024CREDIT MUTUEL EQUITYTOPSOLIDFRANCEEngineering & Design Software
07/2023CREDIT MUTUEL EQUITY / BNP PARIBAS DEVELOPPEMENTDIMOTRANSFRANCEFreight Transport
04/2022CREDIT MUTUEL EQUITYADIALFRANCEFood Processing
04/2021CREDIT MUTUEL EQUITYCHARLES & ALICEFRANCEFood Products

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Proteor by Credit Mutuel Equity / Eurazeo / Bpifrance / BNP Paribas Developpement 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: proteor

Acquirer: credit mutuel equity / eurazeo / bnp paribas developpement / bpifrance

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Proteor, a French company specialised in MedTech, by Credit Mutuel Equity, Eurazeo, Bpifrance and BNP Paribas Developpement in 2025, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in January 2021, when the company was acquired by Ardian / BNP Paribas Developpement.

How was the acquisition of Proteor by Credit Mutuel Equity valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

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

At the time of the transaction, Proteor generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Proteor compare to benchmarks in the Healthcare & Pharma sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Healthcare & Pharma sector (14.5x in 2025).

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.

What is mynth?

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