AXA Private Equity provides additional financing to support the development of 
Paris, October 30th, 2012. AXA Private Equity, the leading European diversified 
private equity firm, announces today that it is providing €100 million of 
additional financing to support the development of Ceva. The deal follows AXA 
Private Equity’s first investment of €30 million in 2007 and highlights the 
firm’s ability to offer innovative, tailor-made financing for companies. 
Ceva is a global animal health company, which since becoming independent in 
1999, has grown by more than 10% per year, well above the industry average, 
thanks to an internal growth strategy focused on developing innovative products 
combined with external growth achieved through build-ups.  The management of 
Ceva became the majority shareholders in the group in 2007, following the third 
in a series of LBO’s supported by NiXEN, Euromezzanine and, in 2010, Sagard. 
AXA Private Equity’s €100 million bond financing line reinforces its support to 
Ceva and will complement the company’s existing bank financing. This flexible 
approach will allow the company to enter the next phase of its development and 
pursue its international build-up strategy. 
Marc Prikazsky, Chairman & CEO of Ceva, said: “Our ability to successfully 
incorporate new companies and products into a wider strategic vision has been a 
key element for the growth of Ceva. Our results-based culture has allowed 
numerous entrepreneurs to join us and retain their own management styles while 
pursuing the same global vision as the group.” 
Cécile Mayer-Levi, Co-Head of AXA Private Equity Private Debt, added: “We are 
delighted to have provided this innovative form of financing as it is ideally 
suited to Ceva’s existing capital structure and gives it the opportunity to 
further its development internationally.” 
about axa private equity
AXA Private Equity is a world leader in private equity, with assets of $30 
billion managed or advised in Europe, North America and Asia. The company 
offers its investors a wide choice of funds covering the full range of asset 
classes: Funds of Funds (primary, early secondary and secondary), Direct Funds 
including Infrastructure, Small and Mid Market Enterprise Capital, Innovation & 
Growth, Co-Investment and Private Debt. 
With offices in Paris, Frankfurt, New York, Singapore, Milan, London, Zurich, 
Vienna and Luxembourg AXA Private Equity is committed to supporting companies 
in their long term growth by providing access to its international network. AXA 
Private Equity sets great store by the regularity and quality of its reporting 
on the performance of its funds and the performance of the companies in its 
portfolio, as a service to its investors. 
AXA Private Equity, Global Investments the European way<>
about ceva
Ceva Santé Animale is a global veterinary health company focused on the 
research, development, production and marketing of vaccines and pharmaceutical 
products for companion animals, livestock, swine and poultry.  The group 
employs over 3,000 people in 43 countries with forecasted sales of around €600 
million in 2012.
Since 2007, the management is the majority shareholder alongside Nixen, 
Euromezzanine and Sagard.<>
list of parties involved 
Bond financing: AXA private Equity - Cécile Mayer-Lévi, Guillaume Chinardet, 
Grégory Pernot
Bank financing: Natixis & LCL – Godric Rosset
Management - Philippe du Mesnil, Marc Prikazsky, Pierre Revel-Mouroz, Valerie 
Financial patners - Euromezzanine (François Carre), Nixen (Philippe Taranto) 
and Sagard (Antoine Ernoult  Dairaine 
Legal advisors:
Bond financing: Willkie Farr & Gallagher - Paul Lombard, Igor Kukhta, Virginie 
Bank financing: Gide – Eric Cartier-Million, Thomas Binet
Shareholders: Weil – David Aknin, David Malamed
press contacts 
AXA Private Equity 
HeadLand Consultancy
Ben Girdlestone
Tel: +44 207 3675 243<mailto:bgirdlestone@headlandconsultancy.c> 
Daniel Kahn
Tel: +44 207 3675 247<> 
Martin Mitchell
Head of Group Communication
Tel: +33 5 57 55 40 80<> 
Tom James
HeadLand Consultancy
7-11 Moorgate
London EC2R 6AF
D: +44 (0)207 367 5240
M: +44 (0)7818 594 991<
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