Following its recent participation in a €270 million unitranche financing deal, French asset management firm Tikehau Investment Management (Tikehau IM) has solely arranged the debt financing of Abénex’s purchase of a majority stake in life sciences company Cisbio Bioassays.
Confirmed today, 15 June, Tikehau has provided €35 million of unitranche financing in the acquisition. The deal was completed in US dollars, at a total sum of just under $40 million and the firm acted as a sole arranger of the financing.
Private equity firm Abénex acquired the life sciences company in a secondary leveraged buyout from Argos Soditic, a Switzerland-based private equity group.
Established in 1980, Cisbio Bioassays specialises in in vitro diagnostics. The firm is headquartered in France, but it also has offices in the US, China and Japan.
The latest transaction follows Tikehau’s partnership with Ares Management in the €270 million unitranche financing for Apax Partners’ acquisition of Marlink, a satellite communication company headquartered in Norway. Of the total debt capital supplied, Tikehau provided €50 million, while Ares provided the remaining €220 million.
Tikehau IM has €7.6 billion of assets under management across a number of asset classes, including private equity, credit, private debt and real estate. The firm is currently in the market raising money for its private debt fund, TDL 3, and is aiming to raise €500 million on its next close expected in July.