GCF - Our added value in Medical & Health sector 0525.pdf
1. OUR ADDED VALUE & M&A TRENDS
IN THE MEDICAL & HEALTH SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
MAY 2025
2. 2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market trends in the Medical & Health sector 03
III. Our expertise, added-value & methodology in the Medical & Health sector 13
IV. About GEREJE Corporate Finance 22
II. M&A trends in the Medical & Health sector 07
4. 4
P R I V A T E & C O N F I D E N T I A L
M&H sector growth rates by country
(2021 vs 2020)
Growth is driven by 4 main factors :
Self-medication
▪ >80% of adult use OTC medicines
Pharmaceutical industry
▪ 6% CAGR (2022-2027) ; 2021 = +40% pharmaceutical R&D expenditures vs 2010 ;
+145% vs 2000
Strong government support
▪ >70% of total health spending comes from public sources
Sources : OECD, Leem, Imis Lyon
THE GLOBAL MEDICAL & HEALTHCARE MARKET
An ageing population
▪ Between 2015 and 2050, people aged >60 will increase by 34%
5,00%
6,10%
11%
12%
16%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
16,00%
18,00%
France USA ASEAN China India
5. 5
P R I V A T E & C O N F I D E N T I A L Source : Organisation mondiale de la santé, Deloitte
POPULAR INVESTMENT TRENDS
The sector is facing 5 main challenges :
Expanding access to health care
▪ 1/3 of the world's population has no access to medical care
Tackling environmental problems
▪ 5% of cancers are related to environmental problems (10% by 2050)
Controlling infectious diseases and preparing for epidemics
▪ +10% by 2030 vs. 2020 (+40% vs. 2000) of diseases
Taking advantage of new technologies
▪ 2021 : $34bn R&D expenditure in medical technology (vs. $23bn in 2011 vs. $40bn in 2024)
Ensure the hygiene of health care
▪ 1/4 of the world's health facilities do not have access to clean water
6. 6
P R I V A T E & C O N F I D E N T I A L Sources : BPI France, Precedence research
Digital health market size (in $bn)
2021-2030
270
332
468
756
1354
0
200
400
600
800
1000
1200
1400
2021 2022 2023 2025 2030
AI and machine learning development
• AI will bring 45% productivity gains for medical and paramedical
professions
Increase in teleconsultations
▪ +20% vs. 2020 in the world (+184% in Europe and USA and x100 post-
pandemic)
IoT to improve patient care
▪ Global market of $94.2bn by 2026 (vs. $26.5bn in 2021)
Accelerating interoperability between different
software and health data security
MUTATION OF THE SECTOR : DIGITALIZATION
8. 8
P R I V A T E & C O N F I D E N T I A L Sources : Bain & Company, GCF Research
M&A TRENDS
Deal in pharma = largest value and volume
▪ 60% of M&A deals in the M&H sector concerns the pharmaceutic industry
Consolidation of the private health services sector
▪ France : 151 M&A deals in 2021 (vs. 79 in 2019, vs. 43 in 2017, vs. 23 in 2015)
Growing appetite from investment funds
▪ Eurazeo has invested €1.6bn in this sector in 10 years (more than 70 investments)
▪ French e-health start-ups raised €930m in 2021 (x2,4 more than 2020)
M&A transactions in Europe are expanding fastest
▪ Europe broke all records in 2021, with deal count growing by 50% and disclosed value
rising 85%
▪ 30% of M&A transactions are in Europe
9. 9
P R I V A T E & C O N F I D E N T I A L
Company Size
▪ The largest the company, the higher the multiple with key thresholds (10M revenue;
50M revenue; 100M revenue…)
Profitability
▪ EBITDA margin compared to peer may be the most important comparison criteria
when the companies’ sizes are similar
Market position
▪ A leading position within a local market improves a valuation multiple, on the other
hand, a mid-tier position will drive a lower valuation
Within the same sector, valuation multiples vary according to the size, profitability, and market
positioning of the company
M&A TRENDS – VALUATION METRICS
10. 10
P R I V A T E & C O N F I D E N T I A L Source Mergermarket, Fusacq, GCF Research Click on the logo to access the website
TEV/EBITDA
Target
Investor(s)
Transaction value $8m €3,3bn $235m €230m
Information
IVFtech (UK) : a manufacturer of
advanced equipment for in-vitro
fertilization laboratories
ELSAN (FR): leader in private
hospitalization
Priory Group (UK) : a behavioral
health center
Vivalto Santé (FR): 3rd
largest group of private
clinics and hospitals in
France
Date Jul. 2021 Feb. 2021 Dec. 2020 Feb. 2020
More info here here here here
6,7x 11,0x 7,8x 12,8x
Waterland
NHS Services | Mental health
hospitals | Priory Healthcare 3ème Groupe de cliniques et
hôpitaux privés en France |
Vivalto Santé
AMUNDI PRIVATE EQUITY FUNDS –
Pour quels projets d'entreprise ?
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RECENT TRANSACTIONS [1/3]
11. 11
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS [2/3]
Source Mergermarket, Fusacq, GCF Research
TEV/EBITDA
Target
Investor(s)
Transaction value €500m €360m $43m €787m
Information
Laborizon (FR): medical
laboratory
INICEA (FR): 3rd largest private
psychiatric operator in France
Moria (FR) : a manufacturer of
instruments for ophthalmic
microsurgery
Fusion de Capio (SE) and
Ramsay Santé (FR) : actors
of the private hospitalization
Date Jan. 2021 Dec. 2020 Jul. 2019 Oct. 2019
More info here here here here
12,0x 13,0x 4,3x 10,4x
Espace Laborizon Centre -
Biogroup
BIOGROUP - Laboratoire
d'analyses médicales
Inicea - Myx
L'éducation Thérapeutique et
l'éducation à la Santé : ateliers
découverte
Capio très courtisé -
Acquisition |
CFNEWS
Ramsay Santé —
Wikipédia
Click on the logo to access the website
12. 12
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS [3/3]
Date
Buyer /
Investor(s)
Target
Transaction
Value
Information
Learn
More
May.
2022
€183m Alan (FR) : health neo-insurer here
May.
2022
€21m
Implicity (FR) : remote cardiac monitoring
platform
here
Nov.
2021
€50m
Lifen (FR) : medical communication platform
that facilitates exchanges between healthcare
professionals and patients
here
Nov.
2021
€10m 360 Medics (FR) : medical search engine here
Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website
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14. 14
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
-> We focus on 8 main sectors, including the M&H industry.
-> We have a direct access to > 530 companies in this specific sector in Europe, Asia, and
internationally
1. OUR EXPERTISE & EXPERIENCE IN THE SECTOR
-> Multi-cultural team in France + Europe + Asia
-> Partner of 'Business France' (110 countries)
2. CROSS BORDER TRANSACTIONS
-> Consultant entrepreneurs = understanding of operational and strategic issues.
-> Long-term partner for your projects = creativity, responsiveness and adaptability
3. STRONG ‘ENTREPRENEURIAL’ CULTURE CLOSE TO MANAGERS
-> Privileged access to >400 investors (Cap development funds, VC, debt funds, Family
Offices) with a specific interest in this industry
4. OUR PRIVILEGED ACCESS TO STRATEGIC & FINANCIAL PLAYERS
15. 15
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
-> CRM owner, investment platform, dealflow & M&A trends online (Link)
5. DIGITAL M&A
-> +100 transactions between €5m and €200m (Ranking Fusacq / Leaders League)
6. TRACK-RECORD
-> Acquisitions (Earn-Out, MBO, OBO, JV, etc.)
-> Financing: strengthening equity capital (investment funds and/or our ‘CLUBS DEALS’)
& optimising debt leverage (banks & bond debt funds)
7. OUR EXPERTISE IN COMPLEX STRUCTURING
-> 100% of the company is owned by the Partners
-> Confidentiality & discretion
8. INDEPENDENT & AGILE ORGANISATION
16. 16
P R I V A T E & C O N F I D E N T I A L
Small Cap companies
~80 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid Cap companies
~170 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Investors
~900 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
● ● ●
● ● ●
OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS
ARCHIMED SAS
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17. 17
P R I V A T E & C O N F I D E N T I A L
Fabrice LOMBARDO
Founder of GEREJE Corporate
Finance in 2008
Entrepreneur – Investor – Speaker
30 YEARS OF STRATEGIC & FINANCIAL EXPERIENCE
DRIVING SMID & LARGE-CAP COMPANIES GROWTH
➢ Strategic and Operational Commitments:
• President – SILVER, SAS variable capital 8M€: financing the build-up strategy and
digital transformation of the "Netflix" of regulatory & certification B2B training
• President – HALCYON, SAS variable capital 10M€: financing the growth of the
recurring revenue model "WaaS" (Water-as-a-Service) and the build-up strategy of a
leader in PREMIUM PURE WATER
➢ Honorary Consul of Thailand in AURA (Exequatur signed by the French President)
➢ BBA at Oxford Brookes, Grenoble Business School – Executive MBA ESSEC
➢ Speaker & Lecturer at ESSEC, EGE, EDC Paris
+150 M&A TRANSACTIONS (including 30 pre-GEREJE founding)
➢ Fundraising (Equity / Debt)
➢ External growth strategy through build-ups &
Joint-Ventures
➢ Total or partial transfer
➢ Structuring & Valuation
➢ International experience in Europe, Asia, the Middle
East and Africa
➢ Expert in 8 key sectors: Luxury & Lifestyle,
Aerospace & Defence, Education & EdTech, Medical
& Healthcare, Transport & Logistics, Telecoms,
Sustainable Technologies, Software & Financial
Services
18. 18
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE a clear & ambitious strategy
-> To be attractive
1
2
BE PROACTIVE to create value
-> Approach actionable targets having a strategic ‘Fit"
3
TIME is the “essence”.
-> Set up a well-defined process and calendar
4
EDUCATE THE TARGET
-> Explain each stage, taking account of cultural differences
1
2
3
4
19. 19
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
“OUT OF THE BOX” STRUCTURINGS
-> Align parties' interests which are by essence different
5
THINK about the “forward” value creation
-> Evaluate the value creation rather than costs (common BP)
6
ANTICIPATE tax and legal issues
-> Manage and monitor exchanges between lawyers and auditors
7
MOTIVATE the Managers/Shareholders who will remain on board
-> Identify the key Managers/Shareholders
8
20. 20
P R I V A T E & C O N F I D E N T I A L
OPTIMISING AN ACQUISITION PROCESS
Option: Preparation of a "Long-List" of
potential targets according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Coordinate all advice and audits
(financial, legal, etc.)
Strategic and tactical support in the
final negotiations.
Assist in the drafting & proof-reading of
final contracts
Management of client’s questions &
requests (Q&A)
Advise on the optimal structuring
(equity / debt / mix) in the interest of
the shareholders
Preparation of a strategic and financial
note for the client
Drafting, negotiation, and signing of a
Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA)
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – SELECTION &
APPROACH & RCA
Phase 2 – NEGOTIATIONS &
LOI
Phase 3 – COORDINATION &
TIMING & CLOSING
Advice right up to the signing of the
final contracts.
Optimize the coordination and thus
timing between all parties
Set-up of an electronic dataroom
21. 21
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – PREPARATION
Financial analysis (past results and
business plan)
Optimize the structuring
(equity/debt/mix)
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project meticulously, explain the use of
the funds and demonstrate the positive impact on turnover and margins
Phase 2 – SELECTION &
APPROACH & LOI
Identification and approach of
candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with a ”short list” of
qualified candidates
Phase 3 – COORDINATION &
TIMING & CLOSING
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Optimize on strategies and tactics for
final negotiations
Prepare a Strategic & Financial Note
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2
Set-up of an electronic dataroom
23. 23
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as
well as our working philosophy.
THE "GEREJE" PHILOSOPHY
24. 24
P R I V A T E & C O N F I D E N T I A L
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services,
composed of a multidisciplinary team based between Europe & Asia.
Our Corporate Film
Play
with
solid
ASIA
▪ Singapore
▪ Bangkok
▪ Hong-Kong
▪ Ho Chi Minh
EUROPE
MIDDLE
EAST
ASIA
EUROPE
FRANCE
▪ Paris
▪ Lyon
▪ Nantes
DACH
▪ Geneva
▪ Zurich
▪ Vienna
PORTUGAL
▪ Lisbon
OUR WORLWIDE REACH
25. Fabrice LOMBARDO
Founder & CEO
Icône
LinkedIn
Antoine ALEMANY
Partner, Lisbon
Icône
LinkedIn
Icône
LinkedIn
Laurent GOBINET
Partner, Nantes
Clarisse SUN
M&A Vice President, Paris
Hugo NAOUR
M&A Associate, Paris
25
P R I V A T E & C O N F I D E N T I A L
Diane PIOUX
M&A Analyst, Paris
Patrice DUSSOL
Head of Investor Relations,
Geneva
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Jean-Yves BILLON
Partner, Lyon
26. François LAURENT
Senior Advisor, Paris / HK
Icône
LinkedIn
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
26
P R I V A T E & C O N F I D E N T I A L
SECTOR & GEOGRAPHIC EXPERTS
27. 27
P R I V A T E & C O N F I D E N T I A L
OUR SYNERGETIC SERVICES OFFERING
Strategic & Financial Advisory
• Identifying the growth axis (organic, external, digital & ESG) and how to
optimise the financing
• Obtaining Grants/Subsidies/Debt financing
• Opening new markets through sales contracts (distribution, franchises, …)
Fundraising - Club Deal Growth
Capital 5 M€ - 30 M€
• Privileged access to Private Equity Funds, Venture Capital
Funds, and Private Debt Funds, as well as family & multi-
family offices
• Club Deal: access to >250 potential private investors
participating in financing opportunities & bringing
expertise to the project
M&A: Buy-side & Sell-side
Build-Up: 10 M€ - 250 M€
• Buy mandate / Acquisition / Joint - Ventures: Optimising
cross-border expansion strategies
• Partial or Total Sell mandate: Managing and optimising
to maximise the transaction price
The quality of our services relies on our 100% in-house team, which enables us to manage the entire transaction
process, thereby ensuring efficiency, confidentiality, and tangible results.
28. 28
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized
execution, enhanced by a multidisciplinary team acting under one hat.
Execution
Excellence
Dedicated Team
Proprietary research
Aligned interest
Tailor-made
End-to-end Transactions
Top-notch Reporting
Digital tools
29. 29
P R I V A T E & C O N F I D E N T I A L
OUR RECENT TRACK RECORD
2024
Cross-border
Acquisition
2021
Acquisitions
2022
Financing
Debt/Equity
2024
Financing
Debt/Equity
Cross-border
Acquisition
2022
Cross-border
Acquisition
2023
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Graphique, graphisme,
Police, conception
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Graphique, graphisme,
Police, conception
With +100 transactions, GEREJE supports executives in optimising their growth strategy
(external, digital, organic) in France and internationally: Track record
30. 30
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logos to access the website.
ALTANA
Vinci – Logos Download
Air Paris
Repeat Cashmere | Questa
Cobham
MEDIAS - Chateau
d'Esclans
Sturia, leader du
Caviar d'Aquitaine,
toutes les étapes de la
fabrication - Assiettes
Gourmandes
Achat direct de vins malbec
Cahors – Boutique officielle du
Château Lagrézette
Nos implantations - Le
réseau mondial du
Groupe BBL
Weeloy
Jakarta -
Home |
Facebook
Une nouvelle identité de
marque reflet de notre
ambition - LACROIX
Nos partenaires – Fondation
du rein
Katrina Group Latest News (SGX:1A0)
| SG investors.io
Gestal
31. 31
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
French national agency (110 countries):
- foreign investment in France
- international development of French
companies
Business France —
Wikipédia
Community of over 13,000
chairmen, directors and members
of the COMEX of SMEs/SMIs & ETIs
Cluster of + 240 VSEs, SMEs and
mid-cap industrial companies
(Pays de la Loire region)
Home page - Entreprise
DU FUTUR
360° financing offer by
entrepreneurs, for entrepreneurs:
equity, debt, M&A & CFO advice
Strategy consulting and
international development in high-
growth markets (Latin America,
Africa, Middle East, India &
Southeast Asia)
OMVEST - OPENASIA Group:
Strategic and investment advice
in Vietnam
for over 30 years
MFO ASIA, multi-family office
pour HNWI en Thaïlande
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
32. 32
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF CONSULTANCY FIRMS
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
Accounting, consultancy and
auditing group
International law firm
Business law firm, based
in Nantes and Paris
Multidisciplinary business
law firm in Paris and Lyon
Advice for companies (HR,
admin, legal & finance)
33. 33
P R I V A T E & C O N F I D E N T I A L
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
TESTIMONIES
Many thanks to GEREJE for their
expertise and support throughout
this project.
M. Willian AREZKI
Private Equity
Associate
Our sincere thanks go to the GEREJE
team for their commitment and
unfailing support in this valuable
collaboration.
Mr. Alban GUYOT
Fondateur & CEO
Many thanks to the GEREJE
Corporate Finance team for their
support!
Mr. Alexandre
HEUZE
CEO AMMG Group
Click on the logos to access the website.
34. 34
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
Apizee - Les 5 tendances de l'e-santé à suivre en 2022
Organisation mondiale de la santé - défis cruciaux pour les 10 prochaines années
Leem - Le marché mondial du médicament
Imis Lyon - L'industrie pharmaceutique : un vivier d'opportunités à l'international
Mindhealth - Levées de fonds pour les start-ups françaises dans l'e-santé
Precedence research - Digital Health Market Size, Growth, Trends, Report 2022-2030
Organisation mondiale de la santé - Rapport 2019
Deloitte - 2022 Global Health Care Outlook - Are we finally seeing the long-promised transformation?
Bain & Company - Healthcare M&A: Record-High Valuations Are Forcing Acquirers to Get Creative
PWC - M&A in Health Industries 2022
PWC - Medical & Health sector Focus France 2022
The role of government in health development
BIBLIOGRAPHY