UI INVESTISSEMENT & BPIFRANCE take majority stake in THERADIAL

Ardian has acquired a stake in Théradial, a specialized player in the French dialysis sector, with a consolidated presence in medical product distribution, pharmaceuticals, and healthcare software. This transaction is part of a strategic partnership with UI Investissement, which had previously invested in the company in 2017. Founded in 1998, Théradial employs around 90 staff in France and Italy, generating approximately 50 million euros in revenue, primarily from public healthcare establishments, private clinics, and home care service providers. Ardian's strategy aims to structure Théradial's growth, notably through organic development of its medical product activities and targeted acquisitions. This operation will enable Théradial to strengthen its market positioning and accelerate its development, particularly in nutrition and digital division, with the objective of entering new markets and diversifying its activities. The Ardian Growth team, led by Alexis Saada and Frédéric Quéru, will work closely with Théradial's management to implement this growth strategy, focusing on increasing revenue and improving the company's profitability. This operation is also expected to allow Théradial to consolidate its relationships with clients and suppliers, and reinforce its position in the French and Italian dialysis markets, with a view to expanding its customer base and enhancing its operational efficiency.

This growth transaction marks a significant evolution for Théradial, transitioning from a specialized medical device distributor to a provider of an integrated ecosystem encompassing care equipment and clinical operation digital solutions. The acquisition of Groupe Théma is financed through a hybrid structure combining cash contribution and share exchange for the selling founders, as well as an extension of senior debt lines granted by the acquirer's historical banking pool. The underlying financial analysis is based on creating a significant competitive advantage by integrating medical consumables logistics flows into dialysis center management software interfaces, which will increase switching costs for hospital clients. In parallel, this domestic value chain rationalization is complemented by the integration of the target's Italian subsidiary, offering an immediate opportunity for international expansion of medical equipment sales in the European market, characterized by comparable reimbursement dynamics. The new governance structure preserves IT expertise by integrating Théma's founders into the executive committee, chaired by Frédéric Le Pottier, with the objective of deploying cross-selling synergies, aiming to reach a consolidated revenue of 35 million euros, while strengthening the healthcare establishment supply infrastructure, with an expanded presence in five new countries, entering new markets and broadening its customer base.