Mérieux Développement, the private equity investment vehicle of Institut Mérieux, has created a second evergreen vehicle with total commitments of 150 million euros ($187.3 million) sponsored by Institut Mérieux. Sienna Capital, an affiliate of Groupe Bruxelles Lambert, has committed an initial amount of 75 million euros. Mérieux Développement will use the capital for investments in the healthcare and nutrition sectors in growth capital and venture capital.
Mérieux Développement, the private equity investment vehicle of Institut Mérieux, was first established in late 2009 to support entrepreneurs and companies within the healthcare sector. The company, chaired by Alexandre Mérieux, announces that it is expanding its activities by creating a second evergreen vehicle, with a total commitment of € 150 million sponsored by Institut Mérieux.
As part of a long-term partnership agreement, Sienna Capital, an affiliate of Groupe Bruxelles Lambert (“GBL”), has committed an initial amount of € 75 million, mostly dedicated to the investment vehicle newly established by Mérieux Développement.
Mérieux Développement will therefore deploy substantial new capital in the healthcare and nutrition sectors in growth capital as well as venture capital. To support this expansion, Mérieux Développement recently opened permanent offices in the United States and appointed Christine Demode as Chief Administrative and Financial Officer.
« We are very honored to partner with Sienna Capital, the investment vehicle of GBL, controlled by the Desmarais and Frère families who have an impressive track-record as long term investors in Europe and North America. The renewed commitment of Institut Merieux and the support of Sienna Capital underscore the quality of the team’s performance since 2010 and the pertinence of our investment approach. » explained Alexandre Mérieux, Chairman of Mérieux Développement.
« We have financed 12 companies and committed € 70 million between 2010 and 2014, with substantial achievements both industrial and financial. This additional financing allows us to ramp-up our operational capabilities in the short term but also represents a very solid basis for our future financial expansion. » added François Valencony, General Manager of Mérieux Développement.
Ian Gallienne, Chairman of Sienna Capital, said: “Sienna Capital is pleased to partner with the Mérieux family, which has more than a century of recognized expertise and global leadership in healthcare. This commitment is consistent with GBL’s strategy to reinforce the diversification of its portfolio and achieve its value-creation objectives including through developing its alternative investments within Sienna Capital.”
Colin Hall, CEO of Sienna Capital, stated: “I am impressed by the team at Mérieux Développement and the portfolio they have constructed. We are glad to be their partner as they continue building a best-in-class healthcare investment firm.”
About MERIEUX DEVELOPPEMENT
Established in 2009, Mérieux Développement is an evergreen fund specialized in the healthcare sector, conducting growth and venture capital investments worldwide. Mérieux Développement works alongside entrepreneurs whose products and services can bring genuine advances to the health of patients and consumers, offering them access to its industry expertise and global network. Mérieux Développement is an affiliate of Institut Mérieux, which employs around 13,000 employees worldwide with consolidated revenues exceeding EUR 2.0 billion in 2013. Other companies owned by Institut Mérieux include bioMérieux (in vitro diagnostics), Mérieux NutriSciences (food safety and nutrition services) and Transgene (immunotherapy).
About SIENNA CAPITAL
Sienna Capital, also known as the Financial Pillar of GBL, is the alternative investments vehicle of Groupe Bruxelles Lambert. GBL is a holding company which has been listed since 1956 and whose shares are admitted to trading on the regulated market of NYSE Euronext in Brussels. Sienna Capital invests in unlisted assets to earn attractive risk-adjusted returns and diversify GBL’s portfolio. Sienna Capital emphasizes seeding transactions while also considering direct investments in external managers. Sienna Capital’s current portfolio includes investments in the private equity funds Ergon and Sagard and the credit fund Kartesia.
SOURCE Mérieux Développement and Sienna Capital