Larka is delighted to announce it acted as the buy-side Commercial Due Diligence advisor for Motion Equity Partners—supporting its acquisition of Banook, a leading French Central Service Provider.
European-leading Private Equity firm Motion Equity Partners (Motion) has acquired a majority stake in Banook, a global Cardiac Safety Central Service Provider specialized in the centralization of cardiac data derived from electrocardiograms (ECG) and central imaging within the context of clinical trials.
While already established within the clinical trials space, this investment from Motion Equity Partners—alongside Turenne Santé and Banook Group’s management—will enable Banook to accelerate its already-sustained growth and global expansion, with the objective of becoming a major player over the forthcoming years.
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Commercial Due Diligence
How did Larka support Motion Equity Partners’ Acquisition Process?
Acting as the Buy-Side Commercial Due Diligence advisor, Larka provided Motion Equity Partners with key insights and recommendations, giving our M&A team an essential role in the overall decision-making process, and in turn, the acquisition of Banook by the Paris-based Private Equity firm.
“Larka’s strong expertise and deep knowledge of the healthcare environment was key in our identification of Banook as a very high-performing company operating in a dynamic and appealing market. Their ability to provide highly relevant insights was sincerely appreciated and we are looking forward to working together again.”
Anthony Baudoin – Partner at Motion Equity Partners
As for all of our Buy-Side and Sell-Side M&A services, this Commercial Due Diligence process leveraged Larka’s extensive biopharmaceutical industry knowledge—in this case the Cardiac Safety market—to provide Motion with a comprehensive picture of Banook’s:
- Core value proposition within the Cardiac Safety market
- Cardiac Safety market dynamics and market sizing
- Competitive environment
- Customer environment & market feedbacks
- Business Plan review
What’s Next for Banook?
Historically based in Nancy, France, Banook now operates globally, with sites in Montréal and Munich. Currently employing roughly 70 people, Banook has established itself as a trusted partner for pharmaceutical laboratories, biotechnology companies, and generalist Contract Research Organizations (CROs).
The French group is now conducting almost two-thirds of it operation outside of France—with a recently opened office in Boston and multiple logistic hubs strategically positioned abroad, to efficiently support multi-site clinical trials.
Bringing additional strategic and financial resources, Motion aim to support the management team in accelerating the growth of Banook following a successful phase of structural development alongside Turenne Santé.
In the forthcoming years, this new partnership should enable Banook, led by Alexandre Durand Salmon, to reach new heights within a rapidly growing Cardiac Safety market (+13% CAGR growth)—with a strategic focus on:
- Consolidating Banook’s position as a leading European player in Cardiac Safety—for both ECG and imaging services.
- Accelerating its international expansion, especially in the United States.
- Diversifying into adjacencies such as eCOA and biostatistics.
About Larka: the buy-side commercial due diligence provider
Larka is a management consulting firm, exclusively dedicated to the Biotech and Pharma industry. We assist all players that are somehow involved technically, commercially or financially into drug discovery, development and manufacturing, such as Biotech & Pharma companies, Contract Services Organizations, Equipment or Raw Materials Suppliers, Private Equity firms, Investment Banks or Public Institutions.
Covering Technical, Operational, Commercial and Strategic activities, Larka has developed a unique combination of expertise – including TechOps, CMC & Outsourcing, Operational & Commercial excellence, Marketing & Sales, Corporate Strategy and M&A - giving Larka’s clients a full appreciation of their capabilities and a 360° view, full-potential vision, on the industry’s opportunities, synergies and risks.
About Motion Equity Partners: the Private Equity firm advised
Motion Equity Partners is a long-standing European mid-market private equity firm. Motion Equity Partners has an experienced team of investment professionals in Paris. The firm targets majority or minority investments up to €300m in enterprise value, working in partnership with management teams to extract untapped value. The firm track record demonstrates the successful conduct of many operations in the past. Motion is a strong backer for management teams who are ambitious for growth, change and development. By bringing its business expertise to its investments, Motion accelerates success.
About Banook Group: the Central Service Provider target
Since 1999, Banook Group is one of the few established international providers of cardiac safety services. From early to late stage, generation and management, provisioning to scientific analysis, Banook Group and its medical expertise has become a key player for clinical trials.
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