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Ceva (First invested in 2010)

Ceva is the world’s seventh largest veterinary pharmaceuticals company and one of the leading independent producers.

  • Organic growth and industry consolidation
  • Minority stake
  • Animal health

Ceva is a veterinary pharmaceuticals and vaccine manufacturer that enjoys a particularly strong competitive position (number three worldwide) in the fast-growing poultry biology segment.

The key challenge in the operation was shaping its structure, in particular by offering Ceva’s management a more than 100M€ equity financing facility that could be quickly and easily drawn down as needed for acquisitions.

When the shareholder structure was reorganized in 2014, and a sovereign wealth fund acquired an equity interest in the company, Sagard reinvested its entire stake and remains a significant shareholder.

Ceva website

Our contribution

Our contribution

  • Providing equity financing for the company’s acquisitions-led growth strategy
  • Presenting management with a strategic acquisition opportunity
  • Introducing management to some of our family investors to support the company’s geographic expansion
  • Acting as a stable, loyal shareholder over the long term

Successful outcomes

Successful outcomes

  • Our capital injection enabled Ceva to pursue its acquisitions-led growth strategy, which has created significant value
  • Our presence has helped to consolidate the company’s independence, with managers and employees owning a majority of outstanding shares


Average annual growth in revenue since late 2009


Growth in EBITDA