Kempen European Private Equity Fund acquires a significant direct interest in Biofutur
At Biofutur, a team of around five hundred staff and sixty physicians and apothecaries treat over six thousand patients every day. In 2019, the group generated € 71 million in revenue. Since March 2020, Biofutur has also been helping to fight COVID-19. All of the 51 locations of Biofutur have introduced corona tests, with a focus on ‘drive-through’ testing sites to test people from their cars, and large-scale testing of care home residents. Due to the extraordinarily high demand for COVID-19 tests, this opens up a new revenue stream. Moreover, this service helps against the further spread of the coronavirus.
The Biofutur laboratories are located mainly around Paris, France, where demographic growth is particularly high. The group has two technical platforms, where blood and other samples are centrally examined. These platforms offer a large catalog of medical analyzes, with more than 350 routine and specialized tests. In addition, Biofutur has three emergency centers, where patients can go when an urgent investigation is required, for example during the weekend.
Sven Smeets and Marvin de Jong, Co-Head and Director of the Kempen Private Markets team, respectively, explain: ‘Biofutur is a great company with a long history, that was, until recently, entirely in the hands of the founders, a group of dedicated medical biologists. We expect that the corona crisis will soon drive up the demand for reliable preventive blood tests. In addition, we see trends, such as ageing and the strong population growth around the Paris region, that may create opportunities for Biofutur in the long term. Biofutur leads the market in most of the fields in which they operate. We, therefore, take pride in the fact that the participants to our fund, the clients of Van Lanschot Kempen, will have access to such a magnificent company.’
The participation of the Kempen European Private Equity Fund is a co-investment with the French investment company Omnes Capital and with the founders and staff of Biofutur Group. The management team of Biofutur, therefore, co-invests significantly in this deal. The strategy that will be adopted is a buy-and-build strategy for the purpose of promoting further growth for Biofutur through targeted acquisitions of small local laboratories and outlets. The economies of scale and the efficiency of the operations will enable Biofutur to add small local laboratories successfully to the existing group. This will result in further professionalization. In addition, it will help to improve the quality of the local medical care and the service to patients.
About the Kempen European Private Equity Fund
The Kempen European Private Equity Fund was launched at the start of 2019 and is a closed-end investment fund with a minimum duration of ten years. The fund focuses on the small and lower mid-sized segment of the European buy-out private equity market in five regions: the Benelux, the German-speaking countries, France, the United Kingdom and Scandinavia. The aim is to construct a broad investment portfolio over a period of three to five years by diversifying across the listed regions and a range of sectors. The reason for this is risk diversification.
As of May 2020, the portfolio already contained five direct investments in companies and four partnerships with local European investment partners that are well established in their respective regions. The fundraise for the Kempen European Private Equity Fund was successfully completed in 2019 on a total committed capital of € 192.5 million.The Kempen European Private Equity Fund has now been closed to new participants/entrants.
The Kempen European Private Equity Fund (the Sub-Fund) is a sub-fund of Kempen Alternative Markets Fund SICAV-RAIF (the “Fund”), domiciled in Luxembourg. Kempen Capital Management N.V. (KCM) is the management company of the Fund. KCM is authorised as a management company and regulated by The Netherlands Authority for the Financial Markets. The Sub-Fund is registered under the license of the Fund at the Netherlands Authority for the Financial Markets.The information in this document provides insufficient information for an investment decision. Please read the Key Investor Document (available in Dutch and English) and the prospectus (available in English). These documents of the Fund are available on the website of KCM (www.kempen.com/en/asset-management). The information on the website is (partly) available in Dutch and English. The Subfonds is registered for offering in a limited number of countries. The countries where the subfund is registered can be found on the website.
The value of your investment may fluctuate. Past performance provides no guarantee for the future.
About Kempen Capital Management
Kempen Capital Management is a specialist asset manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Kempen provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 31 December 2019, Kempen Capital Management had a total of €76.2 billion in client assets under management.
Kempen Capital Management, part of Van Lanschot Kempen Wealth Management NV, is a specialist and independent wealth manager. Kempen Capital Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets.