Ceva Santé Animale

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Ceva Santé Animale

Country France
Region Aquitaine
Investor PAI Partners, Euromezzanine, Natixis Private Equity, Sagard, NIXEN, AXA Private Equity

Ceva Santé Animale, now the world’s ninth largest veterinary business, was set up when a group of senior executives undertook a leveraged buyout (LBO) sponsored by PAI Partners. Private equity funding was used to drive growth and profitability, enabling Ceva to acquire similar companies and improve them.

Ceva bought 22 laboratories across the world in ten years and an average of three businesses a year since 1999. Turnover increased from € 120 million in 2000 to almost € 530 million in 2011.

The trust we shared with our private equity partners enabled management to carry out a transaction making us the majority shareholder.

Pierre Revel-Mouroz Deputy Managing Director, Administrative and Financial Manager, Ceva Santé Animale

What did the business need?

  • Finance for the acquisition
  • Remain independent
  • Grow the business
  • Consolidate the industry

How did private equity backing create lasting value?

  • Average of three businesses a year worldwide acquired
  • Laboratories bought
  • International presence built

What outcomes did private equity investment achieve?

  • Executives became majority shareholders
  • Control enabled them to take decision to improve the businesses
  • Two thirds of headcount located abroad 91 percent of turnover generated overseas
  • Since 2000 Ceva has bought 22 companies and turnover increased by 12-14% on average every year


employees, 750 in France



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