Animal health
€ 9bn
France FR
Canada CANADA-2

Scope of intervention

Sycomore Corporate Finance acted as exclusive Financial Advisor to PSP Investments

Date of closing

March 2025
On March 31st, 2025, Ceva, the world’s fifth-largest animal health and well-being company, announced a renewal in its shareholding structure, with PSP Investments significantly increasing its ownership in the group.

Rationale

Since its founding in 1999, Ceva has grown its revenue fourteenfold, reaching €1.77 billion last year. Driven by innovation and deeply committed to preventive medicine, Ceva was the first veterinary company to develop and commercialize a cutting-edge nucleotide vaccine and invest in gene therapy for companion animals. Aware of its responsibility in addressing major global challenges, Ceva is strongly committed to reducing its environmental impact and promoting the preservation of animal biodiversity.

With 7,000 employees, Ceva is a global leader in animal health, particularly in vaccination. Operating directly in 47 countries, the company delivers its products, services and equipment’s worldwide to veterinarians, livestock professionals, and pet owners.

To support innovation in animal health, the Bettencourt Meyers and Mérieux families have increased their stake through the investment holding Téthys Invest and Mérieux Institute that joined forces with investment fund Mérieux Equity Partners. Canadian pension investor PSP Investments, a long-term investor in Ceva, has also significantly increased its ownership in the group. Other companies participating in the ‘Friends of Ceva’ include Sofiprotéol, the investment branch of the French group Avril, the Japanese company Mitsui & Co, as well as some local investment funds and the Klocke family.

Ceva Santé Animale at a glance

Ceva Animal Health (Ceva) is the 5th global animal health company, led by experienced veterinarians, whose mission is to provide innovative health solutions for all animals to ensure the highest level of care and well-being. Our portfolio includes preventive medicine such as vaccines and animal welfare products, pharmaceutical solutions for farm and companion animals, as well as equipment and services to provide the best experience for our customers.

With more than 7,000 employees located in 47 countries, Ceva strives daily to bring to life its vision as a One Health company: “Together, beyond animal health”.

PSP Investments at a glance

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with C$264.9 billion of net assets under management as of 31 March 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong.