LBO France, a multi-specialist investment platform and pioneer in private equity, announced today the signing of a definitive agreement with Vivo Capital, a leading global investment firm focused exclusively on healthcare and life sciences, for the sale of Dutscher Group (‘Dutscher’ or ‘the Group’), the European leader in consumables and equipment distribution for R&D laboratories. Following a successful consultation process, Dutscher’s employee representative bodies have rendered a favorable opinion on the transaction, which is expected to close during the first half of 2026, subject to regulatory approvals.

The deal marks Vivo Capital's first buyout investment in Europe and underscore the firm’s continued expansion as a global healthcare investor, building on its longstanding leadership across North America and Asia. For Dutscher, it represents a significant milestone following five years of growth under LBO France’s ownership. Founded in 1982 and based in Brumath, near Strasbourg, the Group generated revenues exceeding €400 million in 2025, representing an average organic growth of +7% per year. Today, Dutscher employs over 1,100 people and has established itself as the leading pan-European consolidation platform in the industry, with over 50% of its revenues originating outside France. Consumable products drive a large share of Dutscher’s revenues, and the Group oversees a vast catalog of more than 1 million SKUs and a client base of more than 25,000 customers.

Under the ownership of LBO France, which acquired the Group in 2020, Dutscher strengthened its European positioning through 13 acquisitions, notably in France, the United Kingdom, Ireland, Scandinavia, and the Baltic States. This geographic expansion was accompanied by structural investments, including the construction of three new warehouses in France, the United Kingdom, and Spain, enabling the Group to further consolidate its leadership in the European market.

Through capital and strategic capabilities, LBO France has supported Dutscher's management in modernizing operations and expanding into high-potential market segments, particularly cleanrooms, chemistry, agri-food, and commercial sectors.

Eva Hoel, Managing Director at LBO France, stated: “This transaction highlights our ability to support companies in their growth roadmaps, notably through sustained organic investments and successful build-up strategies, while continuously generating value for our investors. Consistent with LBO France’s hands-on approach, our operational team was closely engaged alongside the management team, to whom we extend our sincere appreciation. We believe that Vivo, leveraging its strong expertise and international platform, is well positioned to support Dutscher in the next stage of its strategic development.”

Dominique Wencker, Chairman and CEO of Dutscher, said: "The five years spent alongside LBO France have been decisive for Dutscher. We were able to accelerate our pan-European development strategy while preserving the Group's culture and operational independence. We are enthusiastic about continuing and further accelerating our growth story with Vivo Capital, whose expertise and network will open exciting development opportunities for us."

A new partner to accelerate Dutscher’s growth story

Vivo plans to support Dutscher’s next phase of development by enhancing sourcing capabilities and expanding its global supplier access while accelerating its organic growth with new products – all while maintaining its ambitious diversification and M&A strategy across Europe.

Michael Chang, Managing Partner at Vivo Capital, said: "Dutscher is a market-leading platform with a strong European footprint and an exceptional management team. This investment reflects our conviction in the opportunity to partner with high-quality healthcare businesses through our global ecosystem and operating capabilities. Dutscher has made significant progress over recent years, and we look forward to working closely with Dominique and the team to further expand the Group’s product offering, deepen its supplier relationships globally, and support its continued growth."

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Main parties involved in the transaction who assisted LBO France:

M&A

Messier & Associés

Financial VDD

Deloitte

Commercial VDD

Monitor Deloitte

Operational VDD

Deloitte

Lawyers

King & Spalding in France

King & Spalding in the UK

Main parties involved in the transaction who assisted Vivo Capital:

M&A:

Natixis Partners

Financial and Tax DD:

EY Parthenon

EY Avocats

Commercial DD:

LEK Consulting

Legal Advisory:

Sidley Austin

Jeantet

Mayer Brown

W&I Insurance Advisory:

Howden

Insurance DD:

Marsh

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About LBO France: A pioneer in private equity in France, the LBO France group is now a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and on the listed markets, for several years the company has expanded its activities in Europe, particularly in Italy with Polis SGR, as well as on the African continent with its subsidiary CGF bourse. Owned 100% by its managers, LBO France is one of the founding members of the international climate initiative and one of the first signatories of France Invest's charter for parity. For more information: www.lbofrance.com

About Vivo Capital: Founded in 1996, Vivo Capital is a leading global healthcare investment firm with a diverse, multi-fund investment platform spanning venture capital, growth equity, buyout, and public equities. The Firm has approximately $7bn of capital actively managed across its multiple strategies and affiliated funds and has invested in over 460 public and private companies globally. Headquartered in Palo Alto, California, with additional offices in Asia, the Vivo team consists of more than 70 multi-disciplinary professionals. Vivo invests broadly in healthcare across multiple sub-sectors, including biotechnology, pharmaceuticals, medical devices, and healthcare services, with a focus on the largest healthcare markets globally.

About Dutscher: Founded in 1982, Dutscher has specialized from the very beginning in the distribution of laboratory consumables and equipment for research, biotechnology and health. The Group has rapidly evolved by expanding its catalog, multiplying its services, extending its distribution agreements with new manufacturers that have given it their confidence, by releasing new products on the market, paying particular attention to the quality of their service towards its customers and the respect of its commitments. Since 2005, Dutscher is growing internationally through both organic investments and targeted acquisitions.

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