IMV's acquisition underwritten by 4 banks

When Montagu announced in January that it had entered exclusive negotiations with Qualium Investissement and management to acquire IMV Technologies SA, the exclusivity was locked in with equity. Now, the company has secured an underwrite of a €169 million term loan from Bank of Ireland, HSBC, ING and UniCredit to back the acquisition, according to sources.

The financing is made with leverage calculated from EBITDA of roughly €25 million, sources said. On top of the term loan financing, an RCF of roughly €30 million has been put in place. Syndication is expected to start in two weeks, one source added.

It was previously reported that Qualium Investissement had hired Goldman Sachs for the sale. Montagu Private Equity was showing a particular interest in the situation from the start, it was reported. "Montagu is likely to go down the route of a bank financing solution," one source added.

When Qualium bought the company in December 2014, Ardian provided a €92 million unitranche loan. The financing included a €12 million acquisition line. Reports at the time put the enterprise value at roughly €130 million.

Based in Normandy, France, IMV Technologies specializes in the design, manufacture, distribution and service of equipment and supplies used in animal reproduction and clinical imaging, while its Life Sciences division features products used in human medical research and assisted reproduction. With operations in France, Brazil, China, India, the Netherlands, Russia, South Africa, the U.K. and the U.S. and a network of distributors across more than 120 countries, the company generates more than 85% of its revenue internationally.