European mid-market private equity firm Duke Street Capital has completed the acquisition of Biomnis, a provider of specialist medical diagnostics in France, for EUR217m, financed by a sen
European mid-market private equity firm Duke Street Capital has completed the acquisition of Biomnis, a provider of specialist medical diagnostics in France, for EUR217m, financed by a senior facility arranged by Fortis and a mezzanine facility arranged by Axa Mezzanine.
Founded in 1897, Biomnis, formerly Laboratoire Marcel Mérieux, is a provider of pathological analysis, especially in the fields of molecular diagnostics, tissue, fertility treatment and specialised biochemistry.
It is also a service provider to laboratories throughout France, operating from two main sites in Paris and Lyon, with further sites in France, Dublin and Dubai. The group also owns a fully integrated logistics operation, TSE, handling five million samples per annum, collected daily all over France.
With revenues of more than EUR220m, Biomnis is the leading operator in French specialised diagnostic services, which has an increasingly central role in public healthcare policies. It employs more than 1,600 staff, including a large proportion of skilled scientists and biologists.
Duke Street says it has worked closely with the management team to develop the appropriate growth strategy for the company. Post acquisition, the private equity firm plans to support the company’s expansion plans, creating greater efficiencies that will ultimately provide a better service for customers and patients.
The acquisition provides continuity with the current chief executive, Jean-Louis Oger, becoming non-executive chairman and Pierre-Yves Guiavarch joining as chief executive from French private hospital operator Générale de Santé. Duke Street operating partners Charles Woler and Thierry Paternot will join the board as non-executive directors.
Duke Street has extensive experience of investing in health care businesses through the acquisition of dentistry group Oasis Healthcare, Affinity Healthcare, a regional operator of psychiatric hospitals, and Groupe Proclif, a Paris-based hospital operator.
‘We are delighted to have invested in Biomnis, the leading provider of specialist medical diagnostics services in France,’ says Duke Street partner Jean-Marc Dayan. ‘Biomnis is positioned as a partner for laboratories both in France and abroad especially through service quality and reactivity.’
Says Oger: ‘I’m delighted to be working with Duke Street. I have been particularly impressed by their capacity to understand the drivers of our industry. Having known Pierre-Yves for years, I’m convinced he will drive the group and its employees to a bright future while maintaining the company culture.’
Guiavarch adds: ‘Together with Jean-Louis Oger and Duke Street, we are well placed to capitalise on Biomnis’s unique profile and strengthen the group’s position in this fast-moving market.’
Duke Street, an independent private equity firm with offices in London and Paris founded in 1988, and focuses on mid-market leveraged buyouts of established UK and French businesses with enterprise values of up to EUR500m. The business has raised six private equity funds to date totalling more than EUR2bn.
