Healthcare
€1.8bn
France FR

Scope of intervention

Sycomore Corporate Finance acted as financial advisor to PSP Investments

Date of closing

April 2017
Partners Group, the global private markets investment manager, acting on behalf of its clients, and the Public Sector Pension Investment Board (PSP), one of Canada’s largest pension investment managers, have agreed to acquire European medical laboratory services operator, Cerba HealthCare.

The company is being acquired from PAI Partners, a leading European private equity firm, and the company’s clinical pathologists and managers. Cerba is a resilient market leader in a highly attractive and fragmented sub-sector of the healthcare industry. The unique fully integrated business model means that Cerba is ideally positioned to further consolidate the French market and accelerate organic growth.

Rationale

  • Support the Group’s organic growth and international development
  • Further consolidate the French, Belgian and Luxembourg markets
  • Strengthen Cerba HealthCare’s innovation and diversification strategy

Cerba HealthCare at a glance

Founded in 1967 and headquartered in Paris, France, Cerba is a leading operator of clinical pathology laboratories, with a number one position in France and strong market positions in Belgium and Luxembourg. The majority of Cerba’s revenues are generated via routine lab tests mainly in France, Belgium, Luxembourg, Italy and United Arab Emirates with more than 300 specimen collection centers and 50 technical platforms. The Company also focuses on specialty lab testing for more complex medical diagnoses and testing services for clinical trials. Cerba’s clients include private patients, physicians, labs, private and public hospitals, retirement and nursing homes, and pharmaceutical and biotech companies. Recently the Group diversified in the veterinary biology market by creating Cerba Vet, a dedicated entity.
The Company employs almost 4,300 people, including 350 biologists, and generated revenues of approximately €640m in 2016.

PSP Investments at a glance

Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force. The Public Sector Pension Investment Board (PSP) is one of Canada’s largest pension investment managers with C$125.8 billion of net assets under management as at September 30, 2016. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt.

Partners Group at a glance

Partners Group is a global private markets investment management firm with over €54bn ($57bn) in investment programs under management in private equity, private real estate, private infrastructure and private debt. Partners Group, headquartered in Zug, Switzerland, employs over 900 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.