Case study - Ceva

CEVA Santé Animale

  • > 5000
    Worldwide Employees
  • 1999
    Creation Date
  • France
  • 2014 & 2020
    Investment Years
  • MP2 / MP3
    Fund Name in 2014 & 2020
  • In Portfolio
  • Thierry Chignon & Quentin De Labarre
    Deal Team

Company profile

CEVA Santé Animale (Animal Health) offers product solutions and services for existing and emerging diseases in the veterinary field, with the aim of improving animal health, productivity of the industrial sector and the prevention of infectious diseases in humans (zoonoses).

The start of 2020 was marked by the renewal of its shareholding structure with new long-term partners investing alongside management and historic minority investors (such as MxEP) with the aim of ensuring the continued independent development of the group.

Investment thesis

Ceva is #4 player in the fast-growing segment of biological products within the poultry and swine markets. The company has a strong organic growth complemented by a successful track record in acquiring and integrating distinct assets on a global basis.

Ceva will continue investing in R&D (> 10% of its turnover) and market novel biological products within the poultry and swine market segments to reach its objective of achieving a 50:50 split between vaccine and pharmaceutical sales and double sales by 2025. From a geographical perspective, the company should enhance its position in strategic geographies such as North America and Asia regions. 

Added value by MxEP

Since its initial investment in CEVA in 2014, MxEP has provided support to Ceva on several fronts such as:

  • Support to accelerate CEVA’s international expansion in China
  • Structure a joint effort on Veterinarian diagnostics (new attractive complementary business for Ceva), leading to evaluation of business segments and of potential acquisitions / licensing opportunities  
  • Introduce and/or evaluate new technologies/products on an ongoing basis, which could be of interest to CEVA (animal health applications)
  • Give CEVA access to MxEP’s experts network to solve production issues faced in the US 

I am very pleased and proud to have Mérieux Equity Partners alongside us as shareholder since 2014. Since then, MxEP has demonstrated its ability to be an added-value partner for CEVA with concrete support on critical topics (M&A strategy; biological product manufacturing reinforcement; international development), and by also allowing us to leverage the long history of industrial expertise and long-term vision of Mérieux Family.