Synerlab pursues its development with AXA Private Equity Paris April 25, 2007

Building on its partnership with the management team led by Pierre Banzet, AXA Private Equity has signed a purchase agreement to take over SYNERLAB group, one of the leading French pharmaceutical sub-contractors.
SYNERLAB manufactures and packages to customer requirements dry drugs (e.g. capsules and tablets etc.) and liquid drugs (e.g. mixtures and solutions etc.) at its two production sites: Erstein (Laboratoires BTT) and Vernouillet (Laboratoires Sophartex). The group is recognized among its pharmaceutical customers for its reactivity, flexibility and proven know-how in certain drugs and packaging formats. Backed by 520 staff, SYNERLAB posted 2006 revenues of over €65 million.
Pierre Banzet, Group Chairman and CEO, proudly announced: “In AXA Private Equity we have found the ideal partner to drive us forward, actively support our growth and provide us with a pan-European presence. These will be key strengths to assist us in our planned strategic acquisitions and to boost organic growth”.
François Jerphagnon, Investment Director, and Alexis Lavaillote, Investment Manager with AXA Private Equity, commented: “We are delighted to stand alongside SYNERLAB in this new phase of its history. We were particularly convinced by the management team, their strategic vision and the efficient organisation. The group has a strong outlook for organic growth driven by natural growth in its markets, its capacity to offer new services to its customers and its development potential on certain export markets”.

Completion of the transaction is subject to approval from the DGCCRF (French consumer, competition and fraud regulator).

1. Buyer

AXA Private Equity: François Jerphagnon, Alexis Lavaillote, Mathieu Antonini

AXA Private Equity advisors :

• M&A advisors: Close Brothers (Philippe Guezenec, Christophe Brière)
• Legal advisors: Friedfrank (François Hellot, Noam Ankri, Delphine Vidalenc)
• Strategic advisors: Bionest Partners (Alain J. Gilbert)
• Insurance advisors: Marsh Private Equity (Sébastien Loubry)

Due diligence :

• Financial: PwC Transaction Services (Hervé Mader, Valérie Truelle)
• Regulatory: Ernst & Young (Virginie Lefebvre-Dutilleul)

2. Vendors

Vendor advisors :

• M&A advisors: HR Finance (Philippe Bonhomme, Sophie Colas)
• Legal advisors: Weil Gotshal & Manges (Frédéric Cazals, Grégoire Andrieux)
• Vendor Due-Diligence - financial: Deloitte Finance (Hilde Wittemans)
• Vendor Due-Diligence - tax: FIDAL (Benoit Hertfelder)

3. Bank finance

Natixis : Christopher Underwood, Vincent Guinnefolleau
Legal advisors : Linklaters (Arnaud Fromion)

4. Management

Management consultants : Lamartine Conseil (Olivier Renault)

About AXA Private Equity (www.axaprivateequity.com)

AXA Private Equity, an AXA Investment Managers company, is a world leader in private equity investments. It offers a wide selection of funds across a full range of asset classes: Buyout, Expansion and Venture Capital, Co-Investment, Mezzanine and Funds of Funds (primary, early secondary and secondary). AXA Private Equity manages and advises private equity funds with assets in excess of €10 billion for major European and international investors and has offices in Paris, Frankfurt, London, Milan, New York and Singapore. With a constant focus on transparency, performance and sustainable profitability, AXA Private Equity is distinguished by the expertise of its staff and its international reach.

Press Contact :

AXA Private Equity
Jérémie Delecourt
Tel: +33 1 44 45 60 73
jeremie.delecourt@axa-im.com