(AOF) – The Nov Santé Actions Non Cotées fund, managed by Eurazeo, dedicated to the development of healthcare sectors in France and launched at the initiative of France Assureurs and Caisse des Dépôts, has announced the finalization of its investment of 23 million euros as part of the reorganization of the capital of Horus Pharma, a French pharmaceutical company specializing in ophthalmology.
Founded in 2003, Horus Pharma is a major player in ophthalmology in France. Thanks to a strong dynamic of innovation and launches, the laboratory now has a market share of more than 12% in France and more than 30% in dry eye treatments. Since 2015, Horus has initiated a policy of international expansion, and is now present in 10 European countries.
Horus Pharma generated more than 75 million euros in sales in 2021 and has demonstrated a history of strong growth, with an average annual increase in sales of more than 15% over the last 5 years.
The founders of Horus Pharma are beginning a new phase in the growth of the laboratory built around 3 pillars: R&D, the marketing of products resulting from its research and the internationalization of the company. They wanted to be supported by the Nov Santé Actions Non Cotées fund to benefit from its extensive expertise in the field, while strengthening their participation on the occasion of the exit of historical partners.
With this investment in Horus Pharma, the Nov Santé Actions Non Cotées fund concludes its fourth operation, after the equity investments of the Novair, PSIH and Seqens groups. A year after its launch, almost a quarter of the fund has now been deployed to accelerate the development and transformation of the healthcare sectors in France.
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Key points
– Global investment company created in 2001;
– 21.8 billion in diversified assets in a portfolio of more than 450 companies, including 15 billion on behalf of third parties: 73% in private equity, 21% in private debt, 14% in mandates and 6% in immovable ;
– Business model: 4 strengths: equity guaranteeing the group’s independence, a strong presence in 10 countries and 4 continents, strong and longstanding commitment to CSR / 2 priorities: to become the reference investment platform in Europe , each division being No. 1 in its market, and continuing the fundraising dynamic / 2 complementary challenges for sustainable growth: asset management for predictable and recurring income and investment in companies not exposed to cycles or with strong growth potential;
– Private equity with Eurazeo Capital: (companies valued at over €200m), SMEs (€50 to €200m), EuroBrands (brands with international potential, Eurazeo Growth (technology companies with a proven business model), China Acceleration, Venture (capital-innovation focused on digital), Private Debt (European SMEs and ETIs, etc.);
– Capital structured between JC Decaux holding (17.91%), the Michel David-Weill family (16.71%) and the Richardson family (3.55%), Michel David-Weill chairing the 15-member supervisory board and Virginie Morgon the Executive Board;
– Solid debt-free balance sheet with €5.1 billion in equity at the end of June 2021 and €1.1 billion in cash.
Challenges
– Medium-term growth strategy: doubling of assets under management, based on 4 sustainable growth axes, increase in asset management for predictable and recurring income, investments in companies not exposed to cycles or with high growth potential ;
– Innovation strategy led by a digital committee within the Supervisory Board in charge of accelerating the integration of digital into the Group’s operational activities, monitoring and analyzing the digital environment and assessing cyber risk;
– “O +“ environmental strategy aiming for net zero emissions by 2040 based on 3 commitments: positioning on the low carbon economy, integration of the cost of carbon in the performance measurement of the investment cycle, integration of the carbon variable in the entire investment cycle / 80% of active funds with a CSR investment policy / 20% of managed funds dedicated to the low-carbon economy;
– Portfolio rotation: €2.4 billion in disposals and €4.1 billion in investments at the end of September 2021;
– Balance of the portfolio, no company representing +10% of the NAV and the share of listed companies being limited to 4%.
Challenges
– Valuation linked to the financial markets and measured by the revalued net asset (€99.1 at the end of June 2021, historical level), to be compared with the stock market price;
– Reinforcement of positions in tech (1
er
investor in France and Europe) and in the “brands” activity for the deployment of strong brands; doubling of fundraising;
– At the end of September 2021, 44% growth in assets under management, driven by fundraising;
– 2022 expectations: dynamic fundraising, acceleration of asset disposals, growth in assets under management:
– 2020 dividend, of €1.5, and share buyback program.