Blackstone, Warburg Pincus, and Nordic Capital are competing to acquire a stake in Sebia, the French diagnostics group backed by CVC Capital Partners and Tethys Invest, according to people familiar with the matter cited by Bloomberg.

Sebia could be valued at around €5bn, with non-binding offers submitted on 22 September. The potential sale could involve either all or part of the business, depending on whether existing shareholders choose to exit or roll over. Canada’s CDPQ, which acquired a 40% holding in 2017, is looking to sell its stake.

Banks and private credit lenders are working on debt financing packages of around €2bn to support a transaction, including a €1.5bn term loan and payment-in-kind instruments that would push leverage as high as nine times EBITDA.

Sebia, headquartered in Lisses, provides diagnostic systems and reagents used in disease detection and monitoring, particularly oncology, and supplies over 120 countries. The company was acquired in 2018 by CVC and Tethys, the investment firm of L’Oréal heiress Françoise Bettencourt Meyers.

Other potential bidders considering offers include Hellman & Friedman and TPG, though no final decision has been made.

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