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

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 €100 million equity financing facility that could be quickly and easily drawn down as needed for acquisitions.

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

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

  • 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