InVivo finalizes capital increase, aims to double sales

Investors will inject $235 million

InVivo has finalized a capital increase for its animal health and nutrition division that will see investors inject EUR215 million (US$234.8 million), according to a report.

Last year, InVivo said it planned a capital increase to contribute about half of EUR500 million in new financing as it aims to double sales at the division over the next 10 years. Sales last year were EUR1.3 billion.

Private equity firm Eurazeo said last month that it was in negotiations to enter InVivo’s capital and last week said it was looking to invest EUR114 million. Other participants in the capital increase include CDC International Capital, Credit Agricole’s Idia unit and Unigrains. An InVivo spokeswoman said the group would retain 67 percent of the capital.

Credit Agricole and Unigrains already were shareholders in InVivo under a previous agreement that expired in 2014.