Public Sector Pension Investment Board (PSP Investments) has agreed to sell its minority interest in Antelliq Corp, a Vitré, France-based provider of digital animal identification, traceability and monitoring solutions.
The deal is part of a broader agreement to sell the company to Merck & Co for about 2.1 billion euros (US$2.4 billion).
PSP acquired the stake in Antelliq, formerly Allflex Group, in 2016. The seller was BC Partners, which remained the controlling shareholder.
BC Partners is also selling its interest. The transaction is expected to wrap up in the second quarter of 2019.
BC Partners, PSP Investments and other minority co-investors to Sell Antelliq Group to Merck
Antelliq to Complement Merck Animal Health Portfolio of Vaccines and Pharmaceuticals
LONDON, Dec. 14, 2018
Funds advised by BC Partners, PSP Investments and other minority co-investors have signed a definitive agreement with Merck [NYSE:MRK], known as MSD outside the United States and Canada, to sell Antelliq Corp. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. Merck will make a cash payment to acquire Antelliq, comprised of approximately 2.1 billion euros for all outstanding shares of Antelliq and 1.15 billion euros for Antelliq’s debt, which it intends to repay shortly after the closing of the acquisition.
Antelliq is a leader in digital animal identification, traceability and monitoring solutions, the fastest growing part of the animal health industry, with 360 million euros in sales in the 12-month period ending September 30, 2018. These solutions help veterinarians, farmers and pet owners gather critical data to improve management, health and well-being of livestock and pets. The increasing use of digital technology in animal agriculture is driven by the growing demand for protein, food traceability and food safety. Identification and monitoring technologies will help optimize disease prediction and treatment and this acquisition will provide Merck Animal Health with a large, established customer base in both areas.
Jean-Baptiste Wautier, chairman of Antelliq and partner at BC Partners commented, “Antelliq is a unique business which played a pivotal role in driving forward the convergence of the animal intelligence and animal health industries globally. We are proud of the transformation of the company that we initiated together with a fantastic leadership team over the past five years and believe that Merck is an ideal partner for Antelliq to support the next stage of its growth. As a truly innovative market leader with a clear vision and dynamic team, Antelliq has significant potential to continue leading the industry, as the use of intelligence, data and technology play an increasing important role in animal health and care.”
“Antelliq is one of those rare companies combining market leadership with the ability to drive innovation within their industry ahead of the startup community. Following the acquisition of SCR in Israel, Antelliq has developed into a true global leader in animal health and intelligence, utilising technology and data science rivalling the wearable consumer tech” said Przemek Obloj, Managing Director at PSP Investments. “It has been a highly successful partnership for PSP and we would like to thank and congratulate the entire team at Antelliq and BC Partners for this journey.”
With its extensive suite of digitally connected identification and monitoring products, Antelliq is uniquely positioned to support the needs of farmers and veterinarians. These products allow access to real-time, actionable information to help improve livestock management and health outcomes. In addition, Antelliq offers pet owners digitally connected products to help them enhance their pets’ quality of life.
The closing of the transaction is subject to clearance by antitrust and competition law authorities and other customary closing conditions, and is expected to close in the second quarter of 2019. Antelliq was advised by Goldman Sachs International and Rothschild & Co.
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About BC Partners
BC Partners is a leading international investment firm with over €20 billion of assets under management in private equity and private credit. Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 105 private equity investments in companies with a total enterprise value of €130 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $158.9 billion of net assets as of September 30, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
Antelliq is the world’s leading animal intelligence group, providing world-class devices for animal identification, monitoring, and traceability. Its pioneering monitoring solutions deliver smart data products and services for the management and wellbeing of livestock, fish and pets. For over 60 years Antelliq has been satisfying customer needs in over 100 countries, supported by 22 production sites, spanning five continents. Antelliq has four regional innovation centers and many brands working collaboratively to address some of the world’s most pressing challenges: supporting farmers with real-time actionable information, providing a deeper connection with pets, and supporting conservation. Across Antelliq, different brands provide the technology and intelligence that will be at the heart of overcoming these challenges. The name Antelliq is the embodiment of everything the group stands for: intelligence connecting animals and people. For more information, visit www.antelliq.com.