This regulated business model is based on educational training and the rental of insulin pumps for diabetic patients.
The insulin pump treatments offered by Dinno Santé are an alternative to multiple daily injections for type I (severe) patients and provide increased accuracy and a better quality of life. In France, with its technical superiority and a low penetration rate insulin pump usage was expected to catch up and grow by up to 20% per year following the 2001 regulation allowing reimbursement by the State Health Care system.
New CEO and serial entrepreneur Antoine Heral partnered Argos again for this transaction. This new venture came after the successful growth project in Saime, another Argos investment where Antoine was also the new CEO coming in to replace the founder who wanted to retire.
The original plan was to pursue the original niche strategy and expand the range of services and products (domiciliary care including respiratory assistance, nutrition, perfusion, foot care and specialised paediatric care) internally or through buy and build.
However, the purchase of Dinno, formerly owned by individuals, turned out to be much more difficult than expected as the company was badly needing restructuring, and internal issues were encountered in the first year of investment. Thus, in order to catch up after this difficult start, Antoine and Argos joined forces to launch extensive measures, and reorganize the business: new premises/office, new brand, recruitments in marketing/sales, finance… In fact, in less than three years, the team solved all issues, and restored profitability. The number of patients supported by Dinno doubled, as did the number of employees.
In addition, the company expertise has successfully been expanded to respiratory services, particularly to diabetic patients suffering from apnea disorders. A full new business unit was launched with sharing of know-how, nurses, human resources, and technical means. This completely organic capital development initiative was financed by a new shareholder equity injection, rapidly enabling to reach 500 patients covered.
The partnership spirit between Antoine and Argos proved key with the capacity of Argos to help Antoine in difficult times after acquisition, as well as to support all the different growth initiatives. It is the true partnership built between management and Argos, that helped Dinno Santé develop its strong position as an expert in diabetes.
Finally, despite its modest size and in a context of the strong growth triggered by our initiatives, Dinno Santé attracted the interest of large trade buyers, and eventually merged with the Air Liquide home care division, with the view to continue developing its services to diabetes patients while benefiting from the expertise of the health division of Air Liquide.