Alantra Advises Europa Group on the reorganization of its capital structure

Apr 2024

Sell-side & debt advisory

Paris – Alantra has advised Europa Group, a leading organizer of congresses, events, and trainings tailored for the medical community, on the reorganization of its capital structure.

Founded in 1987 in Toulouse by Florence and Marc Doncieux, Europa Group achieved revenues of €160mn in 2023. Over the past seven years, the company has completed eight acquisitions, allowing it to significantly diversify its activities into media, which now accounts for almost half of its revenues.

In 2023, Europa Group initiated a divestment process and has now reached an agreement with its minority investor since the primary LBO in 2017, Abenex. As part of this agreement, Abenex is structuring a €300mn continuation fund in a GP-led transaction, becoming the majority shareholder with 55% of the capital. Following this new round of funding, the founders retain a 35% stake, with the remaining 10% held by management.

Following this capital reorganization, Alantra advised Europa Group on securing new bank financing. In particular, the structuring of the new debt facilitated the acquisition of the health press agency APM International from listed British information group Wilmington, thereby strengthening Europa Group’s positioning in medical communications.

Matthieu Balaÿ, Managing Partner at Abenex, said: “We were impressed by Alantra’s in-depth knowledge of the market and key players in health information and training, both in France and internationally. Their impeccable work on the financing ensured it was secured under optimal conditions.”

This transaction at the intersection of healthcare, B2B information, training and services for the pharmaceutical industry reinforces Alantra’s deep expertise across different sectors. Encompassing both M&A and debt advisory, it further illustrates the breadth of Alantra’s financial advisory capabilities as a one-stop independent investment bank.

Oriane Durvye, Managing Partner at Alantra, added: “We are proud to have supported this transaction, which will provide Europa Group with the necessary resources to realize its long-term ambitions, both in terms of organic growth and acquisitions.”