Context
Ardian's acquisition of Sagard's majority stake in Healthy Group, the parent company of Aprium Pharmacie, marks the end of a seven-year investment cycle characterized by the institutionalization of the platform and sustained organic growth of over 18% per annum between 2019 and 2023. This exit occurs as the French market for pharmacy groups is consolidating, with large urban pharmacies seeking to leverage dense central structures to optimize their transition to health service hubs. By partnering with Ardian's Growth team, Healthy Group's management, led by Emmanuel Schoffler, who is reinvesting significantly in the transaction, aims to execute a roadmap focused on densifying the national network through organic growth, enhancing omnichannel digital tools, and expanding the range of private-label products. Post-acquisition priorities include significantly accelerating the build-up program to consolidate a still-fragmented competitive landscape in France, where rivals are backed by peer funds, as well as initiating an international deployment strategy, transforming the French leader into a pan-European pharmaceutical services platform, with plans to enter new markets and expand its services offerings, thereby increasing its footprint in the European healthcare sector.
APRIUM PHARMACIE, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Healthcare & Pharma sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Aprium Pharmacie operates as an integrated network of pharmacies in France, comprising over 450 outlets that generate annual sales exceeding 1.6 billion euros. This business functions as a B2B service platform, securing long-term contractual relationships with independent pharmacist owners while adhering to France's strict regulatory framework for pharmacies. The business model is based on monetizing a range of integrated services, including a purchasing center that optimizes drug and parapharmacy product sourcing, unified category management for commercial animation, omnichannel digital tools to enhance operational performance, and dedicated training structures such as a preparatory school. Revenue streams are underpinned by the network's critical size, enabling the capture of volume discounts from laboratories and the billing of service fees to affiliates, with the attractiveness of the brand bolstered by the deployment of its high-margin in-house label, Laboratoire Aprium, and support for owners in navigating expanding public health regulatory responsibilities, including vaccination, screening, and teleconsultation, which necessitate structural transformations of sales spaces and personnel management.
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Historical Financials (EUR)
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REFERENCES
Valuation range: EV 100M - 350M EUR
EBITDA range: 5M - 25M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of APRIUM PHARMACIE by ARDIAN / BPIFRANCE / MACSF are reserved for mynth community members. Register for free to unlock full data.
Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: aprium pharmacie