Cerba Healthcare sold to Partners Group and PSP Investments
Deal values operator of clinical pathology laboratories at about €2bn
PAI Partners has agreed the sale of Cerba Healthcare, the laboratory testing company, to Partners Group and PSP Investments, one of Canada’s largest pension managers.
The deal is valued at about €2bn, according to one person familiar with the terms, and is subject to regulatory approvals.
Bought in 2010 from another private equity owner, IK Investment Partners, PAI stands to make more than twice its original investment, the person said.
The transaction follows PAI’s sale of Xella, the German-based building materials maker, to Lone Star, the buyout group, last month.
Founded in 1967 and with its headquarters in Paris, France, Cerba employs close to 4,300 people and generated about €630m in revenue last year. It is a leading operator of clinical pathology laboratories, which carry out processes such as blood tests, and is number one in its field in France, with strong market positions in Belgium and Luxembourg.
Kim Nguyen, a managing director at Partners Group, said: “Cerba is a resilient market leader in a highly attractive and fragmented sub-sector of the healthcare industry. The unique fully integrated business model means that Cerba is ideally positioned to further consolidate the French market and accelerate organic growth.”
Partners and PSP said that they will work with Cerba’s management team to support the “numerous growth opportunities” of the business. These include the continuation of the company’s M&A strategy within the French market and internationally, as well as the development of other business segments.