UI INVESTISSEMENT & BPIFRANCE take majority stake in THERADIAL
Context
Théradial has completed a shareholder restructuring agreement, welcoming UI Gestion and Bpifrance as new majority shareholders. This transaction is part of a management buy-out, enabling Frédéric Le Pottier, the former Commercial Director, to take the helm as Chairman of the Executive Board. Meanwhile, Bruno Duval, the company's founder, will retain a key role as a shareholder and become Chairman of the Supervisory Board. The goal of this transaction is to support Théradial's growth strategy, which aims to leverage its pharmaceutical establishment status, obtained two years ago, to expand its product portfolio. Currently, Théradial is primarily focused on hemodialysis equipment but has already begun diversifying into oncology, nutrition, and gastroenterology. This deal was facilitated by specialized advisors, including Deloitte, Ariane Santé Social, and De Pardieu Brocas Maffei, who conducted financial, strategic, and legal due diligence. Senior lenders LCL, Société Générale, and CIC provided financial support for the transaction.
THERADIAL, which reported an EBITDA margin of in 2017, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (15.3x).
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Target
Theradial, a medical device distribution firm focused on dialysis equipment, has undergone substantial development over the years. Initially concentrated on supplying medical devices to public health institutions, private clinics, and home care providers, the company gradually expanded its scope of activities. It now offers medications and software tailored to dialysis centers, enabling it to address the specific needs of its clients. By diversifying its product portfolio, Theradial has enhanced its capability to cater to a broader range of customers. The company has also collaborated with pharmaceutical laboratory Indigo Therapeutics to develop nutritional supplements for patients undergoing dialysis, thereby broadening its offerings to include complementary healthcare products. This strategic move has allowed Theradial to deepen its understanding of the dialysis treatment process and provide more comprehensive solutions to its customers, ultimately refining its operational capabilities and reinforcing its position in the medical device distribution sector.
Ent. Value
Equity Value
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EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with THERADIAL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2023 | ARDIAN | THERADIAL | FRANCE | Medical Devices |
| 03/2019 | THERADIAL | GROUPE THÉMA | FRANCE | Healthcare |
REFERENCES
Revenue range: 10M - 30M EUR
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Press release: view release
Target: theradial
Acquirer: ui investissement / bpifrance