BC Partners scores more than 3x return on Antelliq

  • BC Partners achieves ~30 pct IRR, $1.3 bln capital gain
  • European buyout shop’s investment dates to 2013
  • French agritech company joins Merck’s animal health unit

BC Partners generated a more than 3x return on Antelliq Corp, the French maker of digital monitoring products for the animal health industry, according to a source familiar with the situation.

U.S. biopharma giant Merck said Monday it had completed its previously announced acquisition of Antelliq in a deal valued at 3.25 billion euros ($3.67 billion) including debt.

Antelliq will join Merck’s animal health unit, which includes a portfolio of pharmaceuticals, vaccines and other technologies and services.

The transaction represents an approximately 30 percent IRR for funds advised by BC Partners, the source said. The firm and co-investors achieved a $1.3 billion total capital gain in connection with the transaction, the source added.

The European buyout group’s investment in the animal identification company dates back about six years.

London’s BC Partners purchased Vitre, France-based Allflex Holdings from Electra Partners for $1.3 billion in March 2013. The company in February 2018 rebranded to Antelliq, reflecting a broader group that included companies under the brand names SCR, Biomark and Sure Petcare.

Antelliq’s digital technology products and insights help veterinarians, farmers and pet owners gather data to improve management, health and well-being of livestock and pets.

For instance, Antelliq through Allflex makes sensors for livestock, including ear tags that monitor cows’ activity and eating behaviors to maximize cattle productivity and improve breeding processes.

Led by CEO Stefan Weiskopf, the company employs nearly 2,000 people worldwide.

Antelliq generated 360 million euros in sales in the 12-month period ending Sept. 30, 2018, Merck said in December.

Action Item: Check out BC Partners’ latest Form ADV: https://bit.ly/2CNcXHG

(Correction: In paragraph 2, the dollar value of Merck’s purchase of Antelliq has been corrected.)