ADDvise acquires Medisuite, LLC

30-07-2021   Regulatory press release

ADDvise Group AB has today entered into a share purchase agreement with the owner of Medisuite LLC regarding the acquisition of all the outstanding shares of Medisuite, LLC in accordance with the letter of intent communicated via a press release dated 24th May 2021. Closing of the acquisition is expected to take place in August 2021.

Medisuite is an American online pharmacy, based in Cary, North Carolina, that specializes in medication for men’s health. The company holds licenses to distribute pharmaceuticals in all but two states in the U.S. The assessment is that the company, after the acquisition, will acquire licenses for the two missing states also. The licenses are not tied to specific pharmaceuticals. Medisuite’s revenue for the year 2020 amounted to approximately USD 3.04 million, with an adjusted EBITDA of approximately USD 1.45 million, an EBITDA-margin of roughly 48%.

As previously communicated, the purchase price amounts to a total of approximately USD 10.30 million, divided into an initial payment of approximately USD 6.50 million on a cash and debt-free basis, an interest-free non-recourse promissory note of USD 1.30 million and two potential earn-outs, given that the seller achieves certain predetermined targets. The potential earn-outs amount to maximum of USD 1.0 million for the fiscal year 2022 and USD 1.5 million for the fiscal year 2023.

The acquisition is financed through own funds. ADDvise assesses that the acquisition will have a positive impact on ADDvise earnings per share during the financial year 2021.

Advisor

Mangold Fondkommission AB is the financial advisor to ADDvise for the acquisition.

For further information, please contact:

Rikard Akhtarzand, CEO

+46 765-25 90 71

rikard.akhtarzand@addvisegroup.se

About ADDvise Group

ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of approximately 10 subsidiaries organized into two business areas, Lab and Healthcare. Sales are global. The Group has a clear acquisition strategy with the aim of raising shareholder value and expand the business - both geographically and product wise. ADDvise Group's shares are listed on Nasdaq First North Growth Market and Mangold Fondkommission AB, +46 8 503 015 50, CA@mangold.se, is the Company's Certified Adviser. Additional information is available at www.addvisegroup.se.      

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