Region: France
Sector: Healthcare

Nature of Business

Labco is the pan-European clinical diagnostic services provider which enjoys a leading position in all its core markets, with c.€575m revenue. The company covers both routine and speciality tests with activity balanced between ambulatory care and hospital outsourcing.

Labco is a leading player in France, the UK, Spain, Italy, Belgium and Portugal and also recently entered the Latin American and Swiss markets. The group now includes over 170 laboratories (and c.1,000 collection centres) and has more than 4,800 employees. It treats over 15 million patients each year.

Founded in Paris in 2003, Labco has experienced huge growth following 3i's investment, based on successful acquisitions and the integration of small and medium-sized labs, having made more than 90 acquisitions since 2008.

Investment Overview

We have invested €130m through several tranches since July 2008 and have syndicated €15m. Our shareholding in the business is close to 20%, which makes 3i the largest single shareholder in Labco.

Through our Business Leaders Network we have introduced Daniel Bour, former CEO of Générale de Santé, as Non-Executive Director, and Andreas Gaddum as Non-Executive Chairman.

We are working closely with senior management through our Active Partnership approach, focusing on organisational improvements, for example the introduction of Regional Directors to the business. We have also launched a procurement initiative and have closely supported the company’s successful high yield issue (€500m), as well as the €100m “add-on notes”, in February 2013.

We have actively supported Labco’s management team in their buy-and-build strategy. Through our European healthcare network we have introduced Labco to relevant acquisition opportunities in France, Spain and Italy. In the UK we have worked with Labco on establishing a joint venture with Sodexo, called Integrated Pathology Partnerships, which brought Labco’s European hospital outsourcing experience to the UK market.

Regulatory notice: This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

3i office contact

3 rue Paul Cézanne
75008 Paris
Tel: + 33 1 73 15 11 00

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