Fagron announces today that it has successfully completed the divestment of its IT division Corilus to
AAC Capital. The transaction was completed on 13 March 2015 for a total consideration of € 77 million, which represents a multiple of 15 times EBITDA (adjusted for CAPEX). The proceeds of this transaction will be used to strengthen Fagron’s global market leadership via organic growth and an active buy-and-build strategy.
AAC Capital is a leading Benelux mid-market buy-out firm, which has to date completed 29 management buyouts, of which 21 have been realised. It targets opportunities for majority stakes in profitable, cash-generative companies headquartered in the Benelux and is currently investing from its third fund. Management and AAC Capital see multiple opportunities to grow and expand the current product portfolio. All employees of Corilus will transfer to the new owner and AAC Capital, together with management of Corilus, will focus on further growth and expansion of the business.
The completion of this transaction is the final part of the divestment process of the dental, medical and IT activities as announced in 2013. Now Fagron can completely focus on the growth as a global pharmaceutical R&D company delivering innovative solutions to compounding pharmacies worldwide.
Ger van Jeveren, CEO of Fagron:” The sale of Corilus completes our strategy to be a global pharmaceutical R&D company delivering innovative solutions to compounding pharmacies worldwide. This transaction enables Fagron to continue to invest in its global roll out of the Fagron activities, and to continue the successful execution of its innovation strategy with a focus on Fagron Compounding Services and the development and introduction of Fagron Trademarks which have significant added value in improving the quality of life of patients every day.”
1 This press release was sent out by Fagron NV and Fagron BV.
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