Duke Street Completes Medical Diagnostics Deal

Duke Street has completed its acquisition of Biomnis, a medical disgnostics provider based in France, for 217 million Euros. Duke Street is a London and Paris-based mid-market buyout firm.

Press release:

Duke Street, the European mid-market Private Equity firm, today announces it has completed the acquisition of Biomnis, the leading provider of specialist medical diagnostics in France, for a total consideration of ? 217 million.

Founded in 1897, Biomnis, formerly Laboratoire Marcel Mérieux, is a provider of pathological analysis, especially in the fields of molecular diagnostics, tissue, fertility treatment and specialised biochemistry. It is also a service provider to laboratories throughout France, operating from two main sites in Paris and Lyon, with further sites in France, Dublin and Dubai. The group also owns a fully integrated logistics operation, TSE, handling five million samples per annum, collected daily all over France.

With revenues of more than ?220 million, Biomnis is the leading operator in French specialised diagnostic services, which has an increasingly central role in public healthcare policies. It employs over 1,600 staff with a large proportion of highly skilled scientists and biologists.

Duke Street has worked closely with the management team to develop the appropriate growth strategy for the company.. Post acquisition, Duke Street will support the company’s expansion plans, creating greater efficiencies that will ultimately provide a better service for customers and patients.

The acquisition provides continuity with the current CEO, Jean-Louis Oger, taking up the role of non-Executive Chairman and Pierre-Yves Guiavarch, joining as CEO from General de Sante, the largest Healthcare services group in France, where he enjoyed considerable success. Duke Street Operating Partners Charles Woler and Thierry Paternot will join the board as non-Executive Directors providing further support to the management team.

Duke Street has considerable experience of investing in Healthcare businesses, most recently the acquisition of Oasis Healthcare, the dentistry group; Affinity Healthcare, a leading regional operator of psychiatric hospitals and Groupe Proclif, the Paris-based hospital operator.

The deal is financed by a senior facility arranged by Fortis and a mezzanine facility arranged by AXA Mezzanine.

Jean-Marc Dayan, Partner, Duke Street:
“We are delighted to have invested in Biomnis, the leading provider of specialist medical diagnostics services in France. Biomnis is positioned as a partner for laboratories both in France and abroad especialy through a best-in-class service quality and reactivity. The deal is strengthened by harnessing the expertise of the current CEO, Jean-Louis Oger, with the additional excellence of the incoming CEO, Pierre-Yves Guiavarch..”

Jean-Louis Oger, Non Executive Chairman, Biomnis:
“I’m delighted to be working with Duke Street. I have been particularly impressed by their capacity to understand the drivers of our industry. Having known Pierre-Yves for years, I’m convinced he will drive the group and its employees to a bright future whilst maintaining the company culture.”

Pierre-Yves Guiavarch, CEO, Biomnis:
“I’m proud to join Biomnis as CEO. Together with Jean-Louis Oger and Duke Street, we are well placed to capitalise on Biomnis’ unique profile and strengthen the group’s position in this fast moving market.”

– Ends –

Enquiries:

Equus James Sumpster +44 207 223 1100

Clare Simonds

Notes to Editors:

Duke Street

www.dukestreetcapital.com

· Duke Street is a leading independent private equity firm with offices in London and Paris. It was founded in 1988 and focuses on mid-market leveraged buy-outs, investing in established UK and French businesses with enterprise values of up to ?500 million. The business has raised six private equity funds to date totaling in excess of ?2 billion.

· Duke Street considers all investment opportunities, but particularly focuses on the Consumer & Food, Leisure & Retail, Healthcare, Financial Services, Business Services and Industrial sectors.

Duke Street’s recent activities include;

· Leisure & Retail – Acquisitions of The Original Factory Shop and SandpiperCI. The exit of Sporting Index, Financière Galaxie, the owner of B&B hotels and Esporta, the health & racquet clubs operator.

· Consumer & Food – The acquisition of Burton’s Food, Brambles Foods, Superior Food Group, Buckingham Foods, Thomas Food Group and Food Partners to form Adelie Food Holdings. The exit of Marie Brizard, a leading French drinks company.

· Healthcare – Acquisition of Oasis Healthcare, Proclif, the Paris-based hospital operator; Affinity Healthcare, a leading regional operator of psychiatric hospitals and the exit of Paragon, the provider of specialist care homes

· Financial Services – The acquisition of Xafinity, the Benefits and Consultancy Services Group which was previously a division of Hogg Robinson. The exit of Equity Insurance Group, the motor and personal lines insurer.

· Business Services and Industrial sectors – Acquisition of Deloro Stellite and 2e2, the leading IT services business.