Libourne, June 11, 2014: The management of Ceva Santé Animale announces a reshaping of its capital structure through a new round of financing which strengthens its position as majority shareholder and welcomes new investors to support the group in a new phase of development.
The new capital structure paves the way to the entry of Temasek who will invest alongside the management as well as French and international financial investors, such as Euromezzanine and Sagard, historical partners of the group, and CDH Investments.
This transaction will support Ceva’s ambition to become the first independent player within the top 5 global animal health companies by 2020.
Marc Prikazsky, Chairman & CEO of Ceva Santé Animale, with the support of the group’s advisors (Lazard and Weil), has just closed the negotiations to set up the new round of financing of the group’s 4th LBO.
The management retains the position of majority shareholders and has selected long term strategic partners eager to support the group’s future growth.
French partners reaffirm their confidence in Ceva
Euromezzanine and Sagard, which have been partners of Ceva for several years, will reinvest significantly in the new capital structure, demonstrating their continuous confidence in the management team.
Entry of a major international investor: Temasek
The transaction broadens the Group shareholder base with the entry of Temasek, as a significant minority and largest investor (outside management and their associates), which has chosen to support Ceva’s development ambitions.
… And the leading Chinese investment fund
CDH Investments, the pioneering ChinaTbased fund, has a broad portfolio of investments in industry leaders, including among the top animal protein companies in China, the US and Europe. CDH will strongly support Ceva’s key growth initiatives in both China and new product lines.
Local investors alongside Ceva’s management
The managers and c.1,000 employees will strengthen their position as majority shareholder, thanks to the support from local financial investors and retired managers as well as from Sofiprotéol which is willing to participate in the creation of a French global leader in the veterinary sector.
A sustained growth …
Ceva is among the top 10 global animal health business (and the 3rd independent group) and has posted for almost 15 years annual sales growth of more than 12 , reaching c.€700 million in 2013, while continuously improving its profitability.
The performance of the Group has benefited from a strong organic growth, driven by the fundamentals of the sector and significant and sustained investment in R&D, as well as from an active external growth policy: the last major transaction being the acquisition in December 2013 of Sogeval, the 5th animal health company in France, specialized in companion animals and ruminants.
… To support ambitious development
Through the reshaping of its capital structure, Ceva enters into a new phase of its development, based on the strengthening of its leading positions and the acceleration of its international expansion, which will position Ceva within the top 5 of the global animal health companies in 2020.
Commenting on the agreement, Marc Prikazsky, CEO of Ceva Santé Animale, said:
“I’m delighted that we have been able to bring together this diversified consortium of strong and committed investors. As we are making progress through the implementation of our 2020 ambition plan, it was essential to select partners who share our vision and can actively contribute to its achievement. We are grateful for the confidence that our financial partners B new and old B have placed in us and I know that the committed and talented team we have at Ceva will ensure that we achieve success – Together”
About Ceva Santé Animale
Created in 1999 in Libourne (France), Ceva Santé Animale is a global veterinary pharmaceutical company specialized in research, development, production and marketing of pharmaceutical products and vaccines for companion animals, ruminants, swine and poultry.
With a presence in 110 countries, Ceva reported c.€700 million of sales in 2013. The company has currently c.3,500 employees worldwide, including 1,160 in France spread out on its different sites.
Ceva has been majorityTowned by its Management team and its employees since 2007, and is led by Dr. Marc Prikazsky.
Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 11 offices globally, Temasek owns a S$215 billion portfolio as at 31 March 2013, with 71 of its underlying assets in Asia (including Singapore), and 25 in the mature economies of North America, Europe and Australia and New Zealand. Temasek’s investment themes center on:
- Transforming Economies
- Growing Middle Income Populations
- Deepening Comparative Advantages
- Emerging Champions
Temasek’s portfolio covers a broad spectrum of industries: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return since inception in 1974 has been 16 compounded annually. The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies Standard & Poor’s and Moody’s respectively.
For more information on Temasek, please visit www.temasek.com.sg
For the latest Temasek Review 2013, please visit www.temasekreview.com.sg
Euromezzanine supports dynamic French companies in their development projects and capital structure reshaping. Over the past 15 years, the team, based in Paris, has carried out 95 investments and has participated in all Ceva’s major financial operations since spinToff from Sanofi in 1999.
Sagard is a French investment fund that provides equity capital to support the development of companies led by ambitious management teams. Created in 2003 with the support of the Desmarais family, Sagard is backed by established industrial families and manages €2billion in funds. Since 2004, Sagard has carried out 22 investments in industrial and service businesses, in France, Belgium and Switzerland.
About CDH Investments
CDH Investments is a leading ChinaTbased international alternative asset fund manager, with more than 100 investments in industry leaders in diverse sectors. CDH’s unparalleled experience investing $14 billion in China allows it to uniquely aid domestic and international companies to better access the world’s growth economy. CDH’s innovative investment record includes supporting the growth of international companies in China, such as its role in the $7 billion acquisition of Smithfield Foods in 2013, which created substantial synergies between China and the US.
CDH has investment professionals operating in offices in Hong Kong, Beijing, Shanghai, Singapore, Shenzhen and Jakarta.
For more information on CDH, please visit www.cdhfund.com/en
Ceva Santé Animale
|Chantal CarrèreUCuny||Martin Mitchell|
|Passerelles Agency||Group Communication Director|
|+33 5 56 20 66 77||+33 6 89 38 17 58|
|+33 6 87 76 25 88||+33 5 57 55 40 80|
Parties involved in the transaction
– Marc Prikazsky
– Pierre RevelTMouroz
– M&A: Lazard (Isabelle Xoual, Vincent Thillaud, Guillaume de Freminet) Natixis (Imed Ben Romdhane)
– Financing advisory: Lazard (Geoffroi de Saint Chamas)
– Legal: Weil, Gotshal & Manges (David Aknin, Gautier Elies)
– Management investment structure: Callisto (Hervé Couffin, PaulTFrançois Lorenzoni)
– M&A: Morgan Stanley (Alban de La Sablière)
– Legal: Linklaters (Thierry Riguet, Marianick Darnis Lorca)
CDH Investments team:
– Jian Pan, Gunther Hamm
CDH Investments advisors:
– Legal: Cleary Gottlieb (Charles Masson)
– Thierry Raiff, François Carré, Charles Mercier, PierreTFrançois Gueit
– Legal: SJ Berwin (Maxence Bloch, Isabelle Meyrier)
– Antoine ErnoultTDairaine, Saïk Paugam, Agnès HuyghuesTDespointes
– Legal: Mayer Brown (Guillaume Kuperfils, Olivier Aubouin)