LBO France in partnership with AfricInvest Europe, BNP Paribas Développement, BPI and Trocadéro Capital Partners, has acquired a majority stake in PIEX, a distributor of pharmaceutical and parapharmaceutical products in French-speaking Sub-Saharan Africa.
This buyout operation is led partnering with Bertrand Talbotier and the Company’s management team.
Jean-Marie Leroy, Partner at LBO France, commented: “This primary LBO perfectly illustrates our strategy of accompanying family-owned companies in their new development phase and led by a new management team. This acquisition is a meaningful choice made by LBO France in its investment options and the very nature of PIEX, a company operating in the heath sector and mainly towards the African market, demonstrates our commitment to the ESG principles guiding our investment approach.”
PIEX was founded in 1979 by Robert Jamain, incumbent CEO, and over the past 40 years, secured privileged relationships with its historical clients, worldwide’s pharmaceutical groups and health professionals, which mainly operate in Sub-Saharan Africa.
PIEX has recorded an average annual growth (CAGR) in its revenue of ca. 12% since 2005 and has reached €80m in revenue in 2016, spread over more than 30 countries, including Ivory Coast (22%), Senegal (14%) and Cameroon (10%).
The Company distributes more than 750 products to approximately 350 clients.
In order to increase PIEX’s revenue and market shares, LBO France has teamed up with a new management team, led by Bertrand Talbotier (seasoned entrepreneur with more than 20-year experience in the pharmaceutical industry and a strong knowledge of the African market), and identified three main priorities: further develop its client base to include new pharmaceutical groups and biotech companies; expand its business activities into new high-growth geographical markets; and broaden its offer of high value-added services.
Bertrand Talbotier, PIEX’s newly appointed CEO, said: “PIEX’s acquisition by LBO France and its management team is a key milestone in the implementation of our defined strategy which aims at creating a leading player in the distribution of pharmaceutical products.”
“Our conviction for PIEX is to improve patients’ life and health in targeted geographical areas and bring high quality genuine products and services within reach to historically disadvantaged people and countries. Our ambition is to build a model which is known for being innovative, profitable, long-lasting, respectful and exemplary in its operational roll-out. I am very honored to be given the opportunity to lead this ambitious project, alongside LBO France and our partners, towards achieving the expected success,” he added.