ADVISO PARTNERS is advising investment fund TURENNE CAPITAL on the transfer of the group's capital and management as part of a management buyout (MBO) transaction by François TORTEL and François HENIN.
Founded in 1995 to build on the COUSIN group's historical braiding expertise, COUSIN MEDICAL GROUP has become a leading player in the market for medical devices made of technical textiles, generating revenues in the region of €22 million. The group produces implants developed by its own design team, as well as OEM products, in its recently opened production unit in Wervicq-Sud (northern France).
Advised by ADVISO PARTNERS in this transaction, TURENNE CAPITAL is supporting COUSIN MEDICAL GROUP alongside its current senior executives to accelerate the group's ongoing development in its key business areas: (i) designing and marketing its proprietary implantable medical devices in the most promising therapeutic areas, in particular spine and visceral treatments; (ii) expanding its subcontracting business, developing tailor-made products for third parties (OEM). R&D spending will be maintained to drive the group's product range, meeting patient needs while constantly seeking to attain the highest international regulatory standards (working towards MDSAP certification, randomised international clinical trials, etc.).
François TORTEL and François HENIN, the two current senior executives, remain at the helm and have major ambitions for their team of 110 employees, which has developed solid expertise in implantable textiles and the functionalisation of textile products for the surgical sector. Sales and marketing teams will be strengthened in France and internationally. The group's aims include developing sales in the United States through partnerships. At present, Cousin's medical devices are sold in around sixty countries. Hefty investments to fuel the group's organic growth are under consideration, together with options for external growth.
With this transaction, COUSIN MEDICAL GROUP gains independence while ensuring the continuity of its innovative activity that delivers significant added value. The family-owned holding company DALLE & ASSOCIES, which acquired the group in 2014, is reinvesting as a minority shareholder, underscoring its confidence in the group's success.
To support COUSIN MEDICAL GROUP, the FPCI (professional private equity fund) Capital Santé 2, which is currently raising new funds and announced its first closing at €100 million at the end of March, is making its second investment. The fund's strategy is to support the growth of SMEs and midcap companies in the health sector, in which manufacturers and operators in the medical device market in France offer significant potential for consolidation.
