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  • Writer's pictureVictoria Advisory

Victoria Advisory advises Group Novair’s shareholders in LBO led by Eurazeo

Updated: Nov 10, 2023

Paris, September 21st 2021


Founded in 1977 by Bernard Zenou, Novair designs and builds solutions for the on-site production of medical and industrial gases such as oxygen and nitrogen, which it exports around the world to serve its customers in the health care and manufacturing sectors. With subsidiaries in France and Italy, Novair masters all on-site medical and industrial gas production technologies.

The company's flagship solution, a range of medical oxygen generators for health care facilities, has been installed at several thousand hospitals and clinics worldwide. It allows these facilities to produce their medical oxygen independently while meeting the highest standards of quality, and with a much smaller carbon footprint than conventional solutions involving the delivery of oxygen by truck.

Novair's offering meets one of the major challenges raised by the Covid-19 pandemic, the supply of medical oxygen. Many countries have faced difficulties and interruptions in supply, highlighting the need for health care facilities to produce oxygen on their own. Since the start of the health crisis, Novair's oxygen generators have been installed in over 40 countries (including India, with more than 50 generators installed), thus ensuring an autonomous supply of oxygen for several thousands of patients.

Novair generated revenue of nearly €30 million in 2020, up more than 50% from the previous year, with this figure expected to reach the €50 million mark in 2021.

The transaction

Eurazeo, acquired a minority stake in the company alongside the founding Zenou family via Nov Santé Actions Non Cotées, the fund it manages on behalf of the French Insurance Federation (FFA) and the Caisse des Dépôts. Through this transaction, the objective for Novair is to disrupt the medical oxygen market worldwide and become the major player in this paradigm shift.

The role of Victoria Advisory in the deal

Victoria has advised the founding family throughout this deal from the definition of the transaction’s objectives to its final closing.

« We are happy to welcome Eurazeo via the Nov Santé fund. This success was made possible thanks to the precious assistance of Victoria Advisory, to the seriousness and professionalism of its team. Victoria Advisory was able to create the ideal conditions for a partnership between a family group and a major investment fund listed on the Paris stock exchange. We can now devote ourselves in all serenity to the realization of the Novair group's ambition: become a major actor in its field, the on-site production of medical and industrial gases. » (Bernard Zenou, founder and chairman of Novair)

« We are very proud to have supported the Novair group in this highly strategic industrial process. Now backed by Eurazeo, Novair will be able to accelerate its international expansion, strengthen its positions and conduct a rapid and effective consolidation process. The marriage of these two high-quality players are emblematic of the type of midmarket transactions that we like to support at Victoria Advisory » (Samuel Bokobza, co-founder of Victoria Advisory)

About Victoria Advisory

Victoria Advisory is an independent financial advisory firm focused on 3 sectors: Technology, Healthcare and Consumer. The originality of Victoria advisory lies in the experience and diversity of the members of its team, from leading private equity funds, investment banks, audit firms and strategy consulting firms. Victoria Advisory was co-founded by Samuel Bokobza and Franck Hagège in 2019.

About Eurazeo

Eurazeo is a leading global investment group, with a diversified portfolio of €25.6 billion in assets under management, including €17.8 billion from third parties, invested in 450 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Victoria Advisory contact details

Paris office: 9, boulevard de la Madeleine, 75001 Paris

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