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Ergon Capital Partners to become majority shareholder of ELITech Group

Ergon Capital Partners III has reached an agreement with the shareholders of ELITech Group to become a majority shareholder.

ELITech Group will be acquired by a newly incorporated company controlled by Ergon, alongside the founders Financière du Bief and Biotech International, the historical financial investors BNP Paribas Développement, Idia Participations, Naxicap and Synergie Finance, and management.

With six manufacturing sites in France, the US, the Netherlands and Italy and 14 subsidiaries, ELITech Group is a manufacturer and distributor of in vitro diagnostic equipment, tests and reagents focused on small to medium-sized, proximity and emergency diagnostic laboratories. The group is currently active in three segments of the diagnostics market: biochemistry, microbiology and molecular diagnostics. ELITech Group also operates as a distributor of third-party products to small to medium-sized and proximity laboratories.

In the fiscal year ended 31 March 2010, ELITech Group reported proforma sales of EUR92m and Ebitda of EUR12.1m.

Pierre Debiais, chief executive of ELITech Group, says: “This is a strategically important step in the development of the group. Ergon is a reputed investment institution, which will provide us with its expertise in the future transformation of the group by bringing further professional qualities and capacity to the organisation and by assisting us in making add-on acquisitions. I take this opportunity to thank our historical financial shareholders for their support to date and am looking forward to a continuing partnership with them, together with Ergon.”

Serge Touati, partner at Ergon Capital Advisors, adds: “Ergon is very enthusiastic to team up with a management team of such quality and to assist them in continuing the growth story by developing the group, notably through add-on acquisitions.”

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