Omnes supports Biofutur group LBO
Omnes has invested EUR60 million in a primary LBO, carried out as a proprietary deal with the Biofutur group, a cluster of medical biology analysis laboratories in Ile-de-France, which is managed by independent medical biologists.
The latter has reinvested in the deal alongside funds managed by Omnes’ Mid Cap team; Omnes Croissance 4 and a co-investment vehicle dedicated to the deal, underwritten by fund-of-funds and leading family offices.
The Biofutur deal marks the 12th investment from the Omnes Croissance’s fourth fund. “This primary and non-intermediated deal perfectly illustrates our investment thesis of targeting solid mid-cap companies with ambitious management teams, and developing these platforms,” said Yoann Malys, director at Omnes.
In 2019, the group generated EUR71 million in revenues. Since March this year Biofutur biologists have been tackling Covid-19 by carrying out thousands of screening tests, in particular drive-in testing and in nursing homes, as well as serological analyses.
Biofutur aims to extend its footprint so as to become a French mid-cap company on a national scale. For Omnes, the deal is meant to structure a group around an experienced management team and to support its external growth strategy. Several merger opportunities with other groups are being considered, according to the PE firm.
“The goal is to allow the company to double in size in the medium term. Our ability to structure a co-investment fund dedicated to the deal with leading partners confirms our analysis on this sector and more generally on the attractiveness of the health sector," added Malys.