LBO France Acquires Pharmaceutical Distributer Piex

 In news

LBO France has acquired a majority stake in French healthcare products supplier PIEX.

The investment was made through LBO France’s Hexagone fund, which backs French companies with a value of less than €100m.

AfricInvest Europe, BNP Paribas Développement, BPI France, Trocadero Capital Partners and a new management team will also invest in the business as part of the transaction.

PIEX imports products including pharmaceuticals, personal hygiene products, formula milk and medical devices from around the world and sells them mainly in African countries, as well as Asia and the Caribbean.

Founded in 1979 and based in the Paris area, PIEX has 20 employees and reported turnover of €80m in 2016 from around 350 customers in 30 countries. Its most significant markets are Côte d’Ivoire, Senegal and Cameroon, which together account for nearly half of the business’s sales.

LBO France aims to grow the business’s range of products and services, and develop operations in new markets.

Senior debt to finance the transaction was provided by Credit du Nord.

The deal follows LBO France’s recent investments in industrial chainmaker Serapid and protective clothing supplier RG Safety. Source: Real Deals

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