DOC GENERICI acquired by CVC
Context
CVC Capital Partners acquired 100% of DOC Generici from Charterhouse Capital Partners, outbidding other major PE firms like Blackstone in a competitive auction. The transaction was supported by a debt package provided by UniCredit and HSBC. The deal represented a highly successful exit for Charterhouse, which reportedly achieved an Internal Rate of Return (IRR) of 40% and a 2.7x money multiple on its 2013 investment. CVC's strategy for the investment was to leverage DOC's dominant market share and asset-light structure to drive organic growth as generic penetration in Italy continued to increase towards European averages.
It is worth noting that the fund Charterhouse took control of Doc Generici through an LBO in 2013.
DOC GENERICI, which reported an EBITDA margin of in 2015, 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).
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Target
DOC Generici is Italy's leading independent generic pharmaceutical company. It operates an asset-light model, focusing on the marketing and distribution of a vast portfolio of out-of-patent drugs across multiple therapeutic areas (cardiovascular, gastrointestinal, metabolic). It holds one of the largest market shares in the Italian retail pharmacy channel.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with DOC GENERICI
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2022 | TPG | DOC GENERICI | ITALY | Generics / Labs |
| 04/2019 | ICG / MERIEUX EQUITY PARTNERS | DOC GENERICI | ITALY | Generics / Labs |
| 07/2013 | CHARTERHOUSE | DOC GENERICI | ITALY | Generics / Labs |
REFERENCES
Valuation range: EV 500M - 1.5b EUR
Revenue range: 100M - 200M EUR
EBITDA range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: cvc