Article CFNEWS (written by Houda El Boudrari)

The orthopedic instrumentation platform created in 2022 with the support of Tag Partners is valued at nearly €50 million during its primary LBO. The transaction is backed by Isalt, which is investing more than €10 million to finance the acquisition of Saint-Étienne-based Céfiméca, enabling the company to double in size to over €30 million in revenue.

Less than four years after its creation, the company is reaching a new milestone.
“We have completed the first stage of building a credible platform in the medical instrumentation market, combining complementary expertise. We wanted to bring in a co-investor to finance the next phase, with a doubling in size through the acquisition of Céfiméca,” explains management.

The orthopedic instrumentation platform was initially formed at the end of 2022, when the founding business was acquired from the founding family by the mid-cap investment holding Tag Partners and another investor. Shortly thereafter, the investors carried out several add-on acquisitions to build a small group generating around €6 million in revenue, later strengthened by additional companies specializing in metal cases for medical instruments and in R&D and co-development of surgical instruments.

With the acquisition of Céfiméca, Oury Medical is doubling in size and completing its primary LBO.

A valuation close to €50 million

With a scope now exceeding previous levels, the time had come to institutionalize the shareholder base of the young platform, which has been led since 2024 by its current management team. This was all the more relevant as the company was targeting a business nearly its own size: the Saint-Étienne-based SME Céfiméca.

For this primary LBO, Oury Medical welcomes Isalt through its growth buyout fund, the Fonds Stratégique des Transitions (FST), launched in 2023 and which raised nearly €300 million at its final closing. Isalt is investing more than €10 million for a minority stake, alongside Tag Partners and historical investors. Among them, only Tioopo Capital partially exits the investment as part of a strategic shift initiated in summer 2024.

The transaction is also supported by bank debt provided by BNP Paribas and Banque Populaire Auvergne Rhône Alpes, with leverage below two times EBITDA.

“Oury Medical has managed, in record time, to rise to the position of the number two player in France in orthopedic medical instrumentation—a fast-growing market driven by an aging population, tighter regulations, and technological innovation,” says Laurent Piccoli, Partner at Isalt.

A structuring build-up

In this niche market, dominated by a northern French manufacturer of orthopedic surgical instruments, few players have reached critical size. With around €13 million in revenue, Céfiméca represented an ideal target to double Oury Medical’s size.

Its CEO and main shareholder had initiated a competitive sale process involving both strategic buyers and MBI investors. Oury Medical ultimately won the deal, not only based on valuation (estimated by CFNews at just under €20 million), but above all thanks to the strength of its industrial project, which aligned with the seller’s vision.

“In a consolidating market, I observed that Céfiméca was a small player among large groups and a large player among small ones. Hence the value of integrating it into an ambitious structure capable of accelerating its growth,” the seller explains.