Sebia

Sebia was a France-based, world leading manufacturer of instruments and reagents for in-vitro diagnostics. Its technology allowed clinical laboratories to diagnose a number of severe diseases, including certain cancers and haemoglobin deficiencies.

In September 2006, Montagu acquired a majority stake in the company for an undisclosed sum. Through this transaction, management acquired approximately 20% of the company and former investors Astorg and Intermediate Capital Group re-invested in the transaction for a minority stake.

Sebia was founded in 1967 by Guy Barouh, its Chief Executive Officer. The company's head office and its research and production facilities are in Lisses, south of Paris. At the time of our acquisition, Sebia had 300 employees in seven countries and generated nearly three-quarters of its revenues outside France.

Sebia's technology is based on electrophoresis, a separation process in which a sample to be analysed is put onto the adequate substrate and submitted to an electrical field. The electrophoresis of proteins contained in human serum allows clinicians to provide a precise diagnostic for various types of diseases.

Montagu chose to back Sebia based on the quality of its management, the market positions and technological leadership of the Company and the growth prospects of the investment. In particular, we and the management of the company saw an opportunity to grow market share in existing and new geographies by continuing the technical development of next generation machines and developing the R&D pipeline for new reagents.

The strong performance of the business under Montagu's ownership was a key driver of the interest shown by a number of potential acquirors and, after a short sale process the company was acquired by a private equity investor in March 2010.