Ekkio Capital announces the sale of Audevard, a leading European pharmaceutical laboratory dedicated to equine health, to LIM Group. Ekkio acquired Audevard in 2015 and has supported the management team led by Marina Wissink throughout the company’s transformation and strong growth.
Audevard has broadened its product portfolio and today boasts a portfolio of proprietary prescription pharmaceuticals sold by veterinarians and complementary OTC products. Audevard provides a complete range of therapeutic solutions (locomotion, dermatology, digestive and respiratory care as well as fly control) with recognized brands such as Tildren®, Equioxx®, Imaverol®, Audevard® or Ravene®. Audevard has developed its European network and now achieves more than half of its sales through exports.
Ekkio identified LIM as Audevard’s partner of choice as it enters the next stage of its development. This acquisition brings together two French equine specialists with a worldwide reputation: a leader in equine health and an international reference in customised saddlery, with brands such as CWD®, Butet® and Devoucoux®.
Marina Wissink, CEO of Audevard, commented:
"Over the last six years, with the support of Ekkio, we have substantially transformed Audevard into an international business with significant expertise in both pharmaceuticals and OTC products. This allows us to invest in protecting the therapeutic offer available to veterinarians and to further develop it in the coming years. Achieving a critical size in our markets is essential to pool resources and better serve the equine veterinarians in a rapidly evolving sector. We were delighted to partner with Ekkio, thank them for their support and are pleased to have found such a suitable partner for the next stage of the company’s development".
Laurent Duray, Founder of LIM Group, commented:
"We are convinced that tomorrow's horse riding will be sustainable and responsible, and cannot exist without the contribution of equine veterinarians. I am sincerely happy to contribute, via Audevard Laboratories and their teams, to the development of an international equine ecosystem".
Thibaud Gachet, Partner at Ekkio Capital, commented:
"We are proud to have accompanied Audevard and its management team in their strong growth since 2015. This remarkable journey, in line with Ekkio's sector approach in healthcare, has seen the acquisition of several blockbuster drugs, a significant geographical expansion, and a doubling of sales leading to a significant increase in profitability. We are pleased to see Audevard join an ambitious and meaningful new project, and we wish Marina Wissink and her team all the success they deserve in this new adventure.”
Stifel Nicolaus Europe Limited acted as Ekkio’s exclusive financial advisor, Willkie Farr & Gallagher LLP as legal advisor of the seller, and Jeausserand Audouard as legal advisor of the Management of Audevard. Oderis Consulting (finance) and D’Ornano+Co (legal, social, tax) supported the due diligence process.
About Audevard:
Audevard was founded in 1985 and is headquartered in Clichy, France. It is Europe’s largest independent equine care business, offering pharmaceuticals and OTC products. Its portfolio is underpinned by its flagship brand names (such as Tildren®, Ekyflogyl®, Equioxx®, Imaverol®, Vulketan®, Ekyflex®, Ekygard®, Balsamic®, Bonutron®, Ekyrenal®, Ravene®) and are used by over 10,000 veterinarians across Europe and in 30 countries worldwide. Audevard is driven by innovation and an ambitious drug acquisition strategy: the company acquired Ceva Santé Animale's equine range in 2016, Imaveral® and Vulketan® drugs from Elanco Animal Health in 2018, and Equioxx® from Ceva in 2020.
