French private equity groups Ardian and Azulis Capital said today that they inked an exclusive deal to buy a majority stake in French orthopedic device maker Lagarrigue Group.
Lagarrigue makes prostheses and orthotics for patients suffering from permanent or temporary disability, Ardian said.
Lagarrigue was founded in 1976, has 33 agencies in France and more than 400 employees and is expected to report sales of more than $56 million (EU €50 million).
“After 5 years of strong growth thanks to constant support from Azulis, we needed a new strong partner to pursue our ambitious development strategy. With Ardian, we will benefit from the expertise and international network to enter into a new phase of development,” president Alain Montean and managing director Jean-Pierre Mahé said in prepared remarks.
“Lagarrigue’s success is primarily due to the quality of its team, the performance of its agency network and the know-how the company has developed on this leading offer. There are numerous opportunities in this highly fragmented market and we look forward to supporting this company to continue its development, both in France and abroad, thanks to the support of Ardian’s resources and network,” added Ardian Expansion France managing director Marie Arnaud-Battandier.
“Our work with Lagarrigue is a good example of a successful partnership between a financial investor and a consumer-facing company, particularly as it evolves in the disability sector. We are proud to have supported the management in their development. The will to surpass themselves, the team spirit and ambition have allowed a local SME to become a leading player with a strong potential for development,” Azulis Capital partner Christine Mariette said in a press release.