Context
Ingenico Group (EPA: ING), a leading integrated payment solution provider, has agreed to carve out its French healthcare business to Andera Partners (formerly Edmond de Rothschild Investment Partners). This follows a competitive auction led by Bryan Garnier & Co, who advised Ingenico Group on its strategic options.
The divested business (now renamed “Olaqin”) was created in 2012 following the acquisition of Xiring by Ingenico Group in 2011. It develops and distributes healthcare terminals, software and integrated solutions for pharmacies, healthcare professionals and medical institutions.
The business already benefits from a leading position in France with strong regulatory and technical barriers to entry. In the context of a rapidly digitizing healthcare market in France, it is now expanding to healthcare transactions processing, securing this with the launch of a new cloud-based software offering (called Stellair).
Headquartered in Suresnes, France, the business generates €16m in revenue, a significant portion of which is recurring, and employs approximately 40 people.
About Ingenico Group
Ingenico Group (Euronext: FR0000125346 – ING) is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best-known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.
About Andera Partners
Andera Partners (formerly known as Edmond de Rothschild Investment Partners) is a leading management-owned Private Equity fund investing in unlisted companies in France and internationally. It manages more than EUR2 billion investments in small and mid-cap companies in growth capital and buyout (through Cabestan Capital and Winch Capital), Healthcare & Life Sciences (through BioDiscovery) and provides sponsorless mezzanine debt support (with ActoMezz).
Deal Team
Should you want to know more about this transaction, you can contact one of the team members above
Bryan, Garnier & Co acts as Sole Financial Advisor to Ingenico Group on the carve-out of its French healthcare business to Andera Partners
Bryan, Garnier & Co acted as the Sole Financial Advisor to Ingenico Group on the transaction.
Bryan, Garnier & Co organized, prepared and led a competitive process involving trade buyers and tier-1 financial sponsors, looking for the right partner to develop Olaqin’s organic and inorganic growth strategy alongside its management.
This transaction represents another landmark transaction for Bryan, Garnier & Co’s Business Services practice, which has a particular focus on technology-led companies. It also highlights Bryan, Garnier & Co’s strong experience of complex carve-out operations for large corporates. Notable examples of this include the sale of Canon’s German document outsourcing services division to ASC Investment, the disposal of Conduent’s off-street parking business to Andera Partners or the sale of Xerox European Research Center to Naver.
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