Dublin-based healthcare group Uniphar, announced on Monday, that it has acquired the Netherlands-based BModesto, a healthcare services company, in a €75M deal.
The price of the purchase includes an upfront payment of €51M, which will be paid for by using existing banking facilities, and a deferred consideration payment of up to €24M, which will be paid if EBITDA and gross profit performance targets are met.
As per the press release, the BModesto Group and its subsidiaries will become the property of Uniphar through the acquisition, but will continue to operate under their own names and with the same team.
The company’s Managing Director, Michael Hendriks will continue in his current role, but its General Manager, Roy van Voorst will step down. The company says that it retains full control over purchasing and sales in order to continue to realise optimal purchasing conditions for Dutch customers.
What does BModesto do, and how does it function?
Founded in 2014, BModesto, has a strong team of 180 people that focuses on improving access to pharmaceutical and healthcare products across the Netherlands, Germany, the UK, and Europe. It offers various services, including the distribution of medicines on both an exclusive and on-demand basis, clinical trial services, market authorisation holder services, and medical device distribution.
According to the company, it has built a strong foothold in the international sourcing network to gain access to these much-needed and often difficult-to-source medicines. BModesto has a growing user base comprising pharmacies, hospitals, wholesalers, and pharmaceutical companies.
A well-invested logistics infrastructure backs the growth of the company, including a modern distribution centre outside Amsterdam that enables the processing of high volumes of products and efficient distribution across Europe.
“BModesto, like Uniphar, is a fast-growing, ambitious organisation focused on delivering vital medicines and healthcare services to those who need it most. We share common goals, which means we have an excellent cultural and strategic fit. Together, we believe we can become a global leader across our area of expertise and make a meaningful impact on patients’ lives,” says Hendriks.
“With the acquisition we are acquiring additional expertise and knowledge from Uniphar’s Product Access division. As part of the Uniphar Group, we expect to be able to make an even greater contribution to the availability of medicines,” he adds.
Uniphar: Strengthening its Product Access offering
The Uniphar Group is an international diversified healthcare services business servicing the requirements of more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions – Commercial & Clinical, Product Access, and Supply Chain & Retail. The Group is active in Ireland, the UK, Europe, the US, and Australia.
According to the Group, the acquisition will be integrated into its Product Access division. It will support the delivery of existing services to strategically important European markets.
The Irish company claims that it will continue to invest in the BModesto platform
In 2021, BModesto generated EBITDA of €7.7M, and the acquisition is expected to deliver a Return on Capital Employed (RoCE) in line with Uniphar’s target rate of 12 per cent –15 per cent within three years.
Ger Rabbette, CEO of Uniphar, says, “BModesto is a significant addition to the Group, strengthening our Product Access offering in Europe and beyond. The acquisition is another step in achieving our strategy of becoming a global leader in the ethical provision of access to medicines which remain unlicensed at the point of care.”
“The company’s strategic location, sophisticated sourcing, regulatory capabilities, and broad access to key end markets strengthen our evolving global service offering and will allow us to make a positive difference in the lives of more patients. We are delighted to welcome the highly talented BModesto team to the Group,” he adds.