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M&A Barometer – S1 2023

Philippe Hottinguer Finance presents its half-yearly barometer of M&A activity for the 1st half of 2023.

Over the last 6 months, 9 sectors have accounted for 70% of the more than 1,700 deals recorded by our teams. The small and mid cap segments remain buoyant, despite a decline in the number of deals at the highest valuations.

Top 4 sectors:

  1. Software & digital services (11%)
  2. Industrial products & services (10%)
  3. Healthcare & pharmaceuticals (9%)
  4. Business services & consulting (9%)

The majority of deals were corporate mergers.

The smid deal of the half-year :

The founding family of Normandy SME PIERCAN sold around 75% of their shares to the trio of investors Merieux Equity Partners, Siparex and Normandie Participations. PIERCAN manufactures technical gloves for the pharmaceutical, nuclear, aeronautical and research industries.
The deal represents a substantial valuation for the sector, ranging from €170m to €200m depending on the source.

To complete the equity package, senior debt of 4.5x Ebitda was subscribed with BNP Paribas, HSBC, CIC, La Banque Postale, Artemid and Bank of Ireland.
The deal attracted considerable interest from investors, with no fewer than 18 letters of intent received.

Key figures for PIERCAN :

  • 📈 CA 2022: €39M
  • 👨‍🔧 Workforce: 250 employees
  • 3 production sites in France and the United States
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