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Sébia operates in a niche market (electrophoresis-based diagnosis) and the company is a major player in its field with dominant market positions in Europe and in the US. ICG’s relationship with the company dates back to 2001 and 2006 (where it invested alongside Astorg and Montagu PE respectively).
In 2006 ICG won the staple financing by offering a flexible financial structure (despite not being the most aggressive) with a no-cash-coupon mezzanine structure that banks could not match supported by its close relationship with the management.
Today Sébia remains an outstanding company characterised by a recurring and highly profitable business model. It benefits from high barriers to entry with top quality products resulting from a technological advance over its competitors.
- Country: France
- Sector: Healthcare
- Year: 2006
- Status: Former investment