Managers of animal health company Ceva Santé Animale has announced a reshaping of its capital structure through a new round of financing, welcoming new investors to support the group in a new phase of development.
According to Ceva, the new structure paves the way for the entry of Singapore-based investment company Temasek, which will invest alongside the management as well as French and international financial investors like Euromezzanine and Sagard, as well historical partners of the group and Chinese investor CDH Investments.
This transaction, said Ceva, will support its ambition to become “the first independent player within the top five global animal health companies” by 2020.
In the new structure, the management retains the position of majority shareholders, while selecting long-term strategic partners “eager to support” the group’s future growth.
French partners Euromezzanine and Sagard are to reinvest “significantly” in the new capital structure, said Ceva. Temasek, meanwhile, broadens the group’s shareholder base and is the largest investor outside management and their associates and CDH Investments – which has a broad portfolio of investments including animal protein companies in China, the US and Europe – is to support growth initiatives in both China and new product lines.
Closer to home, the managers and roughly 1,000 employees are to strengthen their position as majority shareholder, with support from local financial investors and retired managers, as well as from French equity and venture capital firm Sofiprotéol, which, says Ceva, is willing to participate in the creation of a “French global leader in the veterinary sector”.
Chief executive of Ceva Marc Prikazsky said: “I’m delighted we have been able to bring together this diversified consortium of strong and committed investors.
“As we are making progress through the implementation of our 2020 ambition plan, it was essential to select partners that share our vision and can actively contribute to its achievement.
“We are grateful for the confidence our financial partners – new and old – have placed in us and I know the committed and talented team we have at Ceva will ensure we achieve success together.”
Ceva is among the top 10 global animal health businesses, and the third independent group. For almost 15 years, it has posted annual sales growth of more than 12%, reaching €700 million in 2013.
For more information, visit Ceva Santé Animale’s website.