Ceva
Ceva (First invested in 2010)
Ceva is the world’s seventh largest veterinary pharmaceuticals company and one of the leading independent producers.
- Organic growth and industry consolidation
- Minority stake
- Animal health
Ceva is a veterinary pharmaceuticals and vaccine manufacturer that enjoys a particularly strong competitive position (number three worldwide) in the fast-growing poultry biology segment.
The key challenge in the operation was shaping its structure, in particular by offering Ceva’s management a more than 100M€ equity financing facility that could be quickly and easily drawn down as needed for acquisitions.
When the shareholder structure was reorganized in 2014, and a sovereign wealth fund acquired an equity interest in the company, Sagard reinvested its entire stake and remains a significant shareholder.
Ceva website
Our contribution
Our contribution
- Providing equity financing for the company’s acquisitions-led growth strategy
- Presenting management with a strategic acquisition opportunity
- Introducing management to some of our family investors to support the company’s geographic expansion
- Acting as a stable, loyal shareholder over the long term
Successful outcomes
Successful outcomes
- Our capital injection enabled Ceva to pursue its acquisitions-led growth strategy, which has created significant value
- Our presence has helped to consolidate the company’s independence, with managers and employees owning a majority of outstanding shares
15%
Average annual growth in revenue since late 2009
2.5x
Growth in EBITDA
