ADDvise Group AB has today entered into a share purchase agreement with the owners of CliniChain Holding B.V. (“CliniChain”) regarding the acquisition of all the outstanding shares of CliniChain in accordance with the letter of intent communicated via a press release dated September 6, 2022. Closing of the acquisition takes place no later than December 16, 2022.
CliniChain wins order worth EUR 12.8 million
CliniChain’s revenue for the last twelve months per October 31, 2022 amounted to approximately EUR 7.4 million, with an adjusted EBITDA of approximately EUR 4.0 million, corresponding to an adjusted EBITDA margin of approximately 53.7 percent. Approximately 60 percent of CliniChain’s revenue is recurring revenue. Thereafter CliniChain signed an agreement with one of the world's largest contract research organizations ("CRO") that will perform a global risk study on behalf of one of their customers. The agreement concerns rental, training and service of medical equipment. The contract runs for 33 months starting immediately and has a total order value of approximately EUR 12.8 million. The agreement will significantly increase CliniChain's turnover and result over the next three years.
Transaction structure
The purchase price amounts to a total of EUR 33.8 million. The initial purchase price amounts to EUR 25.9 million, divided between a cash payment of EUR 20.0 million and a two-year promissory note of EUR 5.9 million. The promissory note carries an annual interest rate of 1.0 percent. Furthermore, two potential earn-outs can be paid out for a total of EUR 7.9 million, given that CliniChain achieves certain predetermined targets based on materially higher financial targets than the company's performance for the last twelve months.
The acquisition is financed through own funds and loan through additional senior secured bonds as previously communicated. ADDvise assesses that the acquisition will have a positive impact on ADDvise’s earnings per share during the financial year 2023.
Adviser
Mangold Fondkommission AB is the financial adviser to ADDvise for the acquisition.
For further information, please contact:
Rikard Akhtarzand, CEO
+46 765-25 90 71
rikard.akhtarzand@addvisegroup.se
Important information:
This information is by ADDvise Group AB required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on 6 December 2022 at 15:25 CET.
About ADDvise Group
ADDvise Group AB (publ) is a leading supplier of equipment to healthcare and research facilities. The group consists of 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 Premier Growth Market and Mangold Fondkommission AB is the Company's Certified Adviser. Additional information is available at www.addvisegroup.com.