IMAP is pleased to announce that BIOGROUP closed a new €275 million non-fungible Term Loan B add-on at E+425, with a 0% floor priced at 97.
BIOGROUP is the French leader of routine medical diagnostics with 2019 pro forma run-rate sales of c.€850 million. The Term Loan B add-on was raised to finance the acquisition of French routine laboratory competitor Laborizon, with its 105 diagnostic centers in key strategic regions (notably in western France) and 2019 pro forma run-rate sales of c.€162m. BIOGROUP will now have 663 laboratories throughout a large and dense network in France, reinforcing its strong position as the national leader.
This deal was among the first to be placed just after the European leveraged loan market reopened and has been oversubscribed 3x (more than €830 million in commitments). The add-on was syndicated to 54 lenders with 9 new participants. The transaction was first launched in March but was postponed until now due to the adverse market conditions caused by the COVID-19 pandemic.
The IMAP France team, led by Cyril Kammoun, acted as exclusive financial advisor and rating advisor to BIOGROUP.
IMAP closed 193 M&A transactions valued at over $7.0 billion in 2020, down from the 7 year high of 235 deals closed in 2019.
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