Industri Kapital has sold Ceva Sante Animale, a French animal laboratory, to a consortium of investors including Euromezzanine, Natexis Industrie and Natexis Investissement for an undisclosed sum.
Industri Kapital acquired the business in a secondary buyout from France's PAI Partners in mid 2003, beating off competition at the time from Apax Partners, ABN Amro Capital and Astorg Partners.
Ceva's sales in 2007 are estimated to be Euro 340m (US$464m), having experienced 60 percent growth under Industri Kapital's ownership. As a result, the business has completed six bolt-on acquisitions since 2003, including Biomune in 2005, which has given it a platform on the North American market.
Christopher Masek, a partner at Industri Kapital, said that the Ceva had generated an overall return of close to 3.5 times