Eurazeo PME has announced the signing of an exclusivity agreement to invest €78 million in the In’Tech Medical group, alongside management.
This investment in equity and convertible bonds will provide Eurazeo PME with approximately 80% of share capital. Eurazeo PME And In’Tech wil l jointly seek to fast-track the company’s growth trajectory by boosting its global leadership, particularly through external growth transactions. Eurazeo PME will then succeed to TCR Capital, majority shareholder since September 2012. The deal is expected to close in July 2017. This acquisition is the Eurazeo PME III fund’s second investment.
Founded in 1999, In’Tech Medical manufactures orthopedic surgical tools to be used in the highly demanding spinal surgery sector. In’Tech Medical group is a world leader in the following markets: knees, shoulders and hips. Currently with 500 employees, the In’Tech Medical group owns two French production sites (Rangs-du-Fliers in the north of France and Toulon in the south of France), one in the USA (Athens in Alabama) and in Malaysia (Penang). With two-thirds of its sales generated in the US market, In’Tech Medical is a key international player. In 2016, its revenues reached 55M€ with an average annual growth rate of 15% over the past 15 years. The In’Tech Medical group also acquired the American company, Turner Medical in 2015, and the Malaysian company, Ortho Solutions in 2016.
Working with the management team headed by Chairman and CEO Laurent Pruvost, Eurazeo PME will help In’Tech Medical consolidate its global leadership in the orthopedic surgical instruments manufacturing sector, through both organic growth and acquisitions. The Group’s operational excellence strategy will benefit from access to Eurazeo PME’s international business network and offices, particularly in the U.S., as well as its corporate expertise (digital technology, CSR, etc.).
“We were delighted by the management team and by the growth prospects of a Group with solid fundamentals,” stated Emmanuel Laillier, Managing Director of Eurazeo PME. “ Eurazeo PME wishes to support the rapid international development of In’Tech Medical, a real “pocket multinational,” particularly through external growth acquisitions.”
“We welcome the guidance of Eurazeo PME, a long-term shareholder, in stepping up our development,” said Laurent Pruvost, Chairman and CEO of In’Tech Medical. “With a professional investor like Eurazeo PME at our side, we can consider new external growth opportunities on a global scale with confidence.”
About Eurazeo PME
Eurazeo PME is an investment firm and subsidiary of Eurazeo dedicated to majority investments in French SMEs with a value of less than €200 Million.. Eurazeo PME acts as a long-term shareholder, providing its portfolio companies with all the financial, organizational, and human resources they need for a sustained transformation. With an investment horizon generally ranging from 4 to 6 years, the group guides its portfolio companies in creating sustained and, hence, responsible growth. This commitment is formalized and deployed through a CSR (Corporate and Social Responsibility) policy. In 2016, Eurazeo PME generated €965 million in consolidated revenues and accompanied the development of 12 companies: Dessange International, Léon de Bruxelles, Péters Surgical, Colisée, Vignal Lighting Group, Groupe Flash, MK Direct, Orolia, AssurCopro, Smile and The Flexitallic Group and Fondis Bioritech as a minority shareholder. These companies are solidly positioned on their markets and led by experienced management teams.
