LBO France has partnered with Bertrand Talbotier and the company’s management team, plus investment fund AfricInvest Europe, BNP Paribas Développement, BPI and Trocadéro Capital Partners, to acquire a majority stake in PIEX.
PIEX is a specialised distribution company which was founded in 1979 by Robert Jamain, incumbent CEO, and is now a key player in the distribution of pharmaceutical and parapharmaceutical products in French-speaking Sub-Saharan Africa.
PIEX has recorded an average annual growth (CAGR) in its revenue of circa 12 per cent since 2005 and has reached EUR80 million in revenue in 2016, spread over more than 30 countries, including Ivory Coast (22 per cent), Senegal (14 per cent) and Cameroon (10 per cent).
The Company distributes more than 750 products to circa 350 clients.
Jean-Marie Leroy, Partner at LBO France, says: “This primary LBO perfectly illustrates our strategy of accompanying family-owned companies in their new development phase and led by a new management team. This acquisition is a meaningful choice made by LBO France in its investment options and the very nature of PIEX, a company operating in the heath sector and mainly towards the African market, demonstrates our commitment to the ESG principles guiding our investment approach.”
Talbotier, PIEX’s newly appointed CEO, adds: “PIEX’s acquisition by LBO France and its management team is a key milestone in the implementation of our defined strategy which aims at creating a leading player in the distribution of pharmaceutical products. Our conviction for PIEX is to improve patients’ life and health in targeted geographical areas and bring high quality genuine products and services within reach to historically disadvantaged people and countries. Our ambition is to build a model which is known for being innovative, profitable, long-lasting, respectful and exemplary in its operational roll-out. I am very honoured to be given the opportunity to lead this ambitious project, alongside LBO France and our partners, towards achieving the expected success.”