Clearwater International advises Naxicap Partners on the acquisition of a majority stake in the Lagarrigue Group alongside management, following the exit of Ardian Expansion
Clearwater International has advised Naxicap Partners on the acquisition of a majority stake in the Lagarrigue Groupe (Lagarrigue), a global specialist in external orthopedic devices and the design and manufacture of large-scale orthopaedic devices for the treatment of disabilities, from Ardian Expansion and IXO Private Equity.
Based in Toulouse, Lagarrigue has a unique model, giving it a strong competitive advantage and significant potential for organic growth. Lagarrigue has a local network provided by teams of in-house ortho-prosthetists who design innovative medical devices perfectly adapted to the needs of each patient. Custom-made products account for 95% of the company's business. The business has integrated digital technologies throughout the business, from the industrial manufacturing process, via Rodin 4D and Vorum, CAD/CAM software solutions, to the assembly of components and raw materials.
Over the past four years, the group has also strengthened its positioning through the development of a strategy of vertical integration in the manufacture and production of components, in particular following the acquisition of G2M.
Since Ardian Expansion conducted the investment in 2016, the Lagarrigue group has matured from a French leader to a major international player. This development is primarily the result of the nearly 25 acquisitions, which were rapidly made within a short time frame of fewer than five years. This growth has seen Lagarrigue build its international turnover from 10% in 2016 to over 30% in 2021. In Europe, the group has now become one of the market leaders in both Switzerland and Belgium. Beyond these footholds, it has also started expanding in Spain and North America. The company recorded average sales growth of over 20% annually.
Social and Environmental Responsibility (SER) is at the heart of Lagarrigue's business model. Accompanied by the Ardian Expansion teams, the company has built an ambitious roadmap focused on the well-being and care of all patients, inclusive of all ability, age or level of independence.
With Naxicap Partners the group will accelerate its growth strategy both in France and internationally through network expansion and will pursue its strategy of vertical integration in the manufacture of components and the development of digital technologies for ortho-prosthetists.