At what enterprise value was AENOVA GROUP acquired in 2024?

During the acquisition of AENOVA GROUP by KÜHNE HOLDING in 2024, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

What was the EV/EBITDA of AENOVA GROUP when it was acquired by KÜHNE HOLDING?

The estimated EV/EBITDA multiple for AENOVA GROUP is in the range of 10x - 18x.

When was AENOVA GROUP acquired by KÜHNE HOLDING?

AENOVA GROUP was acquired by KÜHNE HOLDING in 2024.

What was the revenue of AENOVA GROUP at the time of the deal?

The revenue of AENOVA GROUP at the time of the deal is estimated to be in the range of 450M - 900M EUR.

What was the EBITDA of AENOVA GROUP during the acquisition?

AENOVA GROUP's EBITDA is estimated to be in the range of 100M - 200M EUR.

How is the data for the AENOVA GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the AENOVA GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.bcpartners.com/news/kuhne-holding-acquires-pharma-contract-manufacturer-aenova-from-bc-partners/

What is the average EV/EBITDA multiple for the Healthcare & Pharma sector in 2026?

The average EV/EBITDA multiple for the Healthcare & Pharma sector in 2026 is 14.3x.

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Home Database Healthcare & PharmaAENOVA GROUP

04/2024

AENOVA GROUP acquired by KÜHNE HOLDING

GERMANY Life Sciences / Pharma & Biotech / CDMO EV 1b - 4b EUR

Context

Kühne Holding AG has entered into a definitive agreement to acquire a majority stake in Aenova Group from the international investment firm BC Partners. In a move to ensure continuity and strategic alignment, funds advised by BC Partners will reinvest alongside Kühne Holding to maintain a minority position in the company. The transaction was structured and executed in close partnership with E3X Partners, acting as the lead advisor and investment partner for the Kühne family vehicle. The strategic rationale for the acquisition is focused on expanding Kühne Holding’s portfolio into the pharmaceutical services sector, attracted by Aenova’s strong financial foundation and long-term growth prospects. Under BC Partners' ownership, Aenova achieved record financial results and established itself as a top-ten global CDMO. The new ownership structure is designed to transition the company from a traditional private equity cycle to a long-term "evergreen" investment horizon, providing the stability needed to build highly sought-after technology platforms and specialized development services.

It is worth noting that the fund Bc Partners took control of Aenova Group through an LBO in 2012.

AENOVA GROUP, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

The Aenova Group is a leading global contract development and manufacturing organization (CDMO) serving the pharmaceutical and healthcare industries. Headquartered in Starnberg, Germany, the company operates as a comprehensive "one-stop shop" for the development, production, and packaging of a vast array of drug products. Its technical capabilities span all common dosage forms (including solid, semi-solid, liquid, sterile, and non-sterile applications) across both human and animal health. The group is particularly noted for its expertise in handling diverse active ingredient classes, ranging from standard pharmaceuticals to specialized food supplements, with high-containment capabilities (OEB 1 to 5). Its business model focuses on providing end-to-end supply chain services to global pharma companies, supported by a network of 14 specialized manufacturing sites across Europe and the USA. By combining operational excellence in conventional manufacturing with advanced technology platforms, Aenova addresses the complex regulatory and technical requirements of the modern pharmaceutical market, positioning itself as one of the ten largest CDMOs worldwide.

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Other operations with AENOVA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
08/2012	BC PARTNERS	AENOVA GROUP	GERMANY	CDMO

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of AENOVA GROUP by KÜHNE HOLDING are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: kühne holding