Ardian Signs an Agreement to Buy Biofarma Group for €1.1 Billion
White Bridge Investments currently holds 70% of the shares of Biofarma Group, while the remaining 30% belongs to Germano Scarpa and Gabriella Tavasani. White Bridge had invested in Nutrilinea in September 2017, while it had acquired Biofarma in December 2019. Biofarma Group ended 2020 with a consolidated value of production of $215.8 million (€189 million), and net revenues of $202 million (€176.9 million),
The French private equity group Ardian puts on the table a valuation of $1.26 billion (€1.1 billion) and buys Biofarma Group, a specialist in the market of food supplements, medical devices, and cosmetics. The company was created in February 2020 from the merger between Nutrilinea and Biofarma both controlled by White Bridge Investments. Last December has bought the finished products division of Giellepi spa, through an operation of sale of business. That was announced yesterday, January 16th, by Reuters, while a note issued this morning by Ardian specifies that the Scarpa family will keep 30% of the shares.
Read more about the buying of Biofarma by Ardian and find the latest business news in the world with our companion app Born2Invest.
Biofarma Group ended 2020 with a consolidated value of production of $215.8 million (€189 million)
White Bridge Investments currently holds 70% of the shares of Biofarma Group, while the remaining 30% belongs to Germano Scarpa and Gabriella Tavasani, already owners of Biofarma. White Bridge had invested in Nutrilinea in September 2017, while it had acquired Biofarma in December 2019.
Advisors for Ardian in the transaction were on the financial side Nomura (lead advisor), BNP Paribas and Mediobanca, on the debt side Houlihan Lokey, on the legal side Gianni & Origoni, Weil, Gotshal & Manges and Gattai, Minoli, Partners (financing), for commercial due diligence BCG, for financial due diligence PwC, for tax due diligence Gitti and Partners and for ESG & environmental due diligence Tauw. For White Bridge, instead, the m&a financial advisors were Canson Capital and Ethica Group, the legal advisor Giovannelli & Associati, the tax advisor Gatti, Pavesi, Bianchi, and Ludovici, while for the vendor financial due diligence was lined up Deloitte. Finally, the Scarpa family was assisted on the financial, fiscal and legal side by Del Fabbro & Partners.
Led by CEO Maurizio Castorina and chaired by Germano Scarpa, the group is headquartered in Mereto di Tomba (Udine) and has 800 employees and 170 production lines in four manufacturing plants located in Friuli Venezia Giulia, Lombardy, and Veneto.
Biofarma Group ended 2020 with a consolidated value of production of $215.8 million (€189 million), net revenues of $202 million (€176.9 million), Ebitda of $42.3 million (€37 million), and net financial debt of $98 million (€85.7 million). But pro-forma 2021 revenues are $263 million (€230 million). Reuters talks about revenues of $377 million (€330 million) and an Ebitda of about $57 million (€50 million, without indicating the reference year. That means the group has been valued at 22 times prospective Ebitda.
For Ardian this is the second investment in six months in the sector after the one in the Swedish Recipharm, when last June it joined the EQT fund in the capital. EQT had delisted Recipharm from the Stockholm Stock Exchange last February following an IPO (see here the press release of that time).
White Bridge Investments continues to rack up deals. In the last few days, the subsidiary Specchiasol, one of the Italian leaders in dietary supplements, medical devices, and cosmetics, has acquired the majority of Farma Derma, thus creating a national champion in the development of health-care products with high medical value. At the end of December 2021, White Bridge had instead taken over Lampa fashion accessories from Cronos Capital Partners, a holding company controlled by Alessandro Besana and Lorenzo Bovo, which had controlled 70% of Lampa since June 2019 when it had joined brothers Mirko and Luca Bertoli, who retained the remaining 30% of the company
(Featured Image by geralt via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 22]
This week we're waking the dead as we go back to the metaverse baby. With Apple soon announcing its long-awaited...
Bullish on Bitcoin? – Blackrock CEO Warns of “Debt Ceiling Drama”
Many bitcoin and cryptocurrency investor advocates view BTC as a hedge against inflation and debt concerns, especially as central banks...
Docline Prepares a New Round of 6 Million for 2024
Docline maintains an agreement with Mapfre, with whom it offers digital health programs to the company's policyholders; with the Ballesol retirement...
Cedacri Prices New €275M Bond to Pay €50M Tax and €150M Extra Dividend
As stated in the Report to Cedacri's 2022 Annual Report, and as recalled in the release in which Moody's assigned...
Bierzo Aire Limpio Starts Crowdfunding to Support the Legal Defense of the Environment
The NGO holds an assembly that includes a state-wide meeting against waste incineration, debates on wind and solar macro-projects, and...
Featured2 weeks ago
Ripple Launches Institutional CBDC Platform for Millions of Users
Featured3 days ago
How the Fintech Sector Helps with Financial Inclusion
Featured1 week ago
Two Spanish Startups Selected by the Amazon Sustainability Accelerator
Crypto1 day ago
Ethereum: Will the Shanghai Upgrade Make it Easier to Detect Criminals?