Healthcare

Bryan, Garnier & Co acts as Financial Advisor to the Boiron Family in the €875m tender offer for the BOIRON Group, world leader in natural medicine, in partnership with EW Healthcare Partners

This transaction is in line with the BOIRON Group’s strategy relying on significant investment with a long-term horizon.

As part of this transaction, the Boiron family has transferred its 70% stake in the BOIRON Group to a newly created holding company, BOIRON DEVELOPPEMENT, where it is joined by EW Healthcare Partners as a minority investor with a c. 25% stake and the BOIRON employee fund for c. 5% of the capital.

Additionally, BOIRON DEVELOPPEMENT raised senior debt from a syndicate of top-tier French commercial banks, which will be able to support the BOIRON Group in its growth strategy.

BOIRON DEVELOPPEMENT will launch a public offer to acquire the 23% of the share capital it doesn’t own in the BOIRON Group with the view of taking the company private. This public offer values the BOIRON Group at €50 per share (including a €10.36/share special dividend already detached on October 18th), representing a c. €875m enterprise value.

Bryan, Garnier & Co has mobilised its expert teams in mergers & acquisitions, debt financing and equity capital markets to support the family shareholders, the management team and the BOIRON Group at every stage of this complex transaction.

Our teams have been fully engaged and acted as one to bring the best outcome to our client, from the search for a partner in line with the family’s values and the Group’s development strategy, through the arrangement of a syndicated loan with major banks, to the handling of the public offer process.

This transaction illustrates Bryan, Garnier & Co’s commitment to support founders and entrepreneurial families through key strategic moments in their growth journey in line with what has been our DNA since foundation in 1996.

Boiron, founded in 1932 by Jean and Henri Boiron, produces homeopathic medicines to meet the needs of physicians and patients looking for effective, reliable, and non-toxic therapeutic solutions.

Today, Boiron is the world leader in homeopathic medicines and a major player in the OTC market with presence in 50 countries and revenues reaching €534m in FY2022.

Established in 1985, EW Healthcare Partners is one of the oldest and most respected healthcare growth equity firms in the world. EW Healthcare Partners currently have over $3 billion under management and are investing out of their 10th fund.

EW Healthcare Partners have a global reach through three offices and 20 professionals with active investments in the US, Europe, and Latin America. For over 30 years, the firm has maintained a dedicated focus to diversified healthcare investing—serving as lead investor in the founding or critical financing of over 150 healthcare companies in the pharmaceutical, biotechnology, medical device, services and information technology sectors.