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LBO France’s Hexagone completes fourth investment in 2014

LBO France has completed an investment via its Hexagone III fund in Fournitures Hospitalières Group (FH Group), specialised in orthopaedic prostheses. 

Accompanied by co-investors, LBO France has acquired its stake from previous shareholders including Bpifrance and Matignon Investissement et Conseil.
 
Following investments in Fine Sounds, a global leader in the high end audio market, in Jaumont, which operates a limestone quarry for the construction industry, and in Payot, the French cosmetics and skin care laboratory, FH Group is Hexagone’s fourth acquisition in 2014.
 
Hexagone III, which closed on 1EUR54 million in 2010, is now invested in nine companies.
 
Created in 1964, FH Group has progressively focused on orthopaedics and in the past few years has become exclusively dedicated to the industry, with a strong base in France, a worldwide distribution network and a subsidiary in the United States. The company proposes a wide range of prostheses, including hips and knees and has developed highly effective products for extremities (shoulders and feet) as well as in sports medicine (ligaments). With about 180 employees the group had over 30 million euros in sales in 2013.
 
Jean-Marc Idier, CEO of FH Group, says: “Since 2008, when Bpifrance and Matignon Investissement & Gestion took their stake in the company, sales have increased by 50%, driven by a major investment program to offer an increasingly innovative product range. With the arrival of LBO France, we will have the means to preserve the capital structure of the group around the Hermann family, the historical shareholder, and the management, whilst accelerating the next phase of our international expansion.”
 
Arthur Bernardin, Director with Hexagone, says: “FH Group is a player in the excellence of the French orthopaedic profession, anchored with close proximity to the medical community and an ongoing innovation strategy. In the past years, broadening the offer with products for extremities has driven growth in France and provided a more sustained presence abroad. We will help the group accelerate its international development, enabling it to become a world leader in orthopaedics. Supporting management teams in international development is at the heart of Hexagone’s investment strategy.”

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