London-headquartered private equity firm Montagu and France's Astorg Partners are set to sell their stake in Sebia, a French medical equipment manufacturer, in a deal valuing the company at €2bn (£1.8bn).
The two firms bought the company in 2014 for an undisclosed amount, which sources put at around $1.4bn (£1.1bn) according to Reuters.
Heavyweight firm CVC Capital Partners and Tethys Invest, a fund of L'Oreal’s largest investor the Bettencourt-Meyers family, are in exclusive talks to buy the stake after Montagu and Astorg made a partial sale to Quebec pension fund Caisse de Depot et Placement du Quebec (CDPQ) in August.
“Together with CDPQ and management, our new shareholders support our strategy and growth plans with a long term view. We look forward to reinforcing Sebia’s franchise and expanding its product and geographical footprint,” said Benoit Adelus, chairman of Sebia.
Sebia, founded in 1967, manufactures equipment for in-vitro diagnostics. Its systems are used to analyse proteins to screen for cancers, metabolic disorders such as diabetes and rare pathologies.
Since Montagu and Astorg invested, the company has increased its capabilities and acquired Italian company Interlab.
Tethys Invest has been focusing increasingly on the medical sector in recent months, after acquiring French hospital group Elsan over the summer. The firm said it wanted to back developments in the medical research sector.