InVivo finalizes capital increase for animal health unit

PARIS (Reuters) - French agricultural group InVivo said on Monday it had finalised a capital increase for its animal health and nutrition division that will see investors led by private equity firm Eurazeo inject 215 million euros ($235.3 million).

InVivo said last year that it planned a capital increase to contribute about half of some 500 million euros in new financing as it seeks to double sales at the division over the next 10 years from 1.3 billion euros last year.

Eurazeo said last month it was in negotiations to enter InVivo NSA’s capital and indicated last week it was looking at investing 114 million euros.

In an invitation to a March 30 signing ceremony, InVivo named the other participants in the capital increase as CDC International Capital (FFC), part of state-owned bank CDC, Credit Agricole’s Idia unit and grain sector investment fund Unigrains.

It did not specify the investment of each partner, but an InVivo spokeswoman said the group would retain 67 percent of the capital.

Credit Agricole and Unigrains were already shareholders of InVivo NSA under a previous agreement that expired in 2014.

InVivo is a grouping of some 200 farming cooperatives and its activities also include grain trading.

Reporting by Gus Trompiz; Editing by James Regan