Argos Soditic reaps 3x return on Cisbio Bioassays exit

Abenex invested via its Abenex V fund to become the majority shareholder in Cisbio. The deal is the firm's 60th investment in France.

The company's management also reinvested in the buyout alongside Abénex, whose stake will amount to slightly less than 90%, the GP said. 

The deal value falls in the €50-100m range, a source close to the deal told unquote", and will generate returns in excess of a 3x money multiple after a two-and-a-half-year holding period.

Argos invested in Cisbio via its €400m Euroknights VI fund, which to date has completed 13 investments and committed close to 90% of its capital. It is the second exit made by the fund this year, after selling F2A in February. The fund has currently returned 47% of its capital. Argos is raising a seventh €550m fund, for which it is expecting to hold a first close over the summer.

The sale of Cisbio to Abénex comes after a significant transformation process for the company, which is now on the lookout for new industrial partners to foster growth, mainly through acquisitions.

Abénex said it would help the company grow both organically and via acquisitions in the sector, as well as in in-vitro diagnostics. Changes will also be made to the management team. 

The transaction was financed with a USD-denominated unitranche provided by Tikehau, given the "international dimension" of the company, Abenex said. The choice of a foreign currency denomination was due to the fact 85% of the company's revenues are generated abroad.

The unitranche was supplemented by a short-term bridge loan provided by BNP Paribas.

Previous funding
In November 2013, Argos Soditic backed the MBO of Cisbio in a deal valued at less than €50m EV. Management took a stake in the deal, which saw Cisbio spin out of Belgian healthcare group IBA.

Company
Based in Codolet, Cisbio develops and markets products used for in-vitro diagnostics and drug discovery. The group also operates facilities in the US and China. It generated €35m of turnover in 2013.

People
Argos Soditic – Gilles Lorang, Simon Guichard (partners), Etienne Variot (analyst).
Abénex Capital – Patrice Verrier (managing partner); Antoine Schouman (director); Vincent Gouedard (partner).

Advisers
Company – Taylor Wessing, Laurence Lapeyre (legal).
Vendor – Achelous Partners, Mark R Saunders, Akshay Nadkarni, Charles Tebbetts, Eric Zitter (M&A); Olswang, Christophe Gaschin, Stanislas Marmion, Caroline Pucel (legal); KPMG, Olivier Boumendil, Blandine Mugnier, Mehdi Meziane (financial due diligence); Arsene Taxand, Franck Chaminade, Marion Dervieux (tax).
Equity – DLA Piper, Xavier Norlain, Martin Chassany, Julia Elkael, Cecile Szymanski, Maud Manon, Julien Godlewski, Guillaume Valois, Charles-Antoine Del Valle, Jerome Halphen, Charline Cosmao, Edouard Sarrazinf, Fayrouze Masmi-Dazi (legal); LEK, Arnaud Sergent, Alex Vadas (other due diligence); Eight Advisory, Lionel Gerard, Christophe Puissegur, Edouard de Nettancourt (financial due diligence); Fidal, Anne Frechette-Kerbrat, Xavier Houard, Albane Eglinger (legal, tax, social due diligence); Willkie Farr & Gallagher, Paul Lombard, Igor Kukhta (debt advisory); SCIACI Saint Honore, Eric Remus, Stephanie Bournoville (insurance due diligence). 

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• Topics
• France
• Buyouts
• Healthcare
• Exits
• France
• Argos Wityu
• Secondary buyout