(Finance) – GVSa company listed on Euronext Milan and active in the supply of filtering solutions for applications in the Healthcare & Life Sciences, Energy & Mobility and Health & Safety sectors, has signed a contract for the acquisitionby Mattia Ravizza, del 100% of the share capital of the Haemotronic group, specialized in the production of components and bags for the medical sector with plants in Italy and Mexico. The revenues of the Haemotronic group amounted to 70.4 million euros in 2021, with a constant growth trend in the last three years due to the expansion of the customer portfolio and the growth in sales of bags for pharmaceutical use.
The price for the acquisition of 100% of the share capital of Haemotronic is 212 million euros, corresponding to a multiple of Haemotronic’s 15x adjusted EV / EBIDTA 2021, subject to post-closing adjustment based, inter alia, on working capital and net financial position. The price will be paid on the closing date (expected within the first half of 2022) for an amount equal to 187 million euros, while the remaining amount will be paid into an escrow account and released progressively within 24 months of closing. A possible earn-out of a maximum of 38 million euros is also envisaged.
“I am thrilled with this operation, Haemotronic will further strengthen our growth path and we are confident that we will be able to benefit from the commercial, technical and production synergies that will develop thanks to this acquisition – he commented Massimo Scagliarini, managing director di GVS – Between our groups there has been a relationship of trust and respect for some time, I have known the entrepreneur personally for a long time and we have already collaborated in the past and successfully for joint projects on strategic customers “.
To finance the operation, GVS signed a 5-year loan agreement for a total amount of 230 million euros with a pool of financing banks, including Mediobanca And Unicreditwho act, inter alia, as Arrangers, Global Coordinators and Original Lenders.