DOC GENERICI acquired by ICG & MERIEUX EQUITY PARTNERS
Context
ICG acquired 100% of DOC Generici from CVC Capital Partners, marking the company's third private equity cycle. Merieux Equity Partners joined as a strategic co-investor to leverage its industrial expertise in life sciences. The deal was financed by a syndicate of banks including UniCredit, BNP Paribas, Credit Agricole, and Barclays. The investment thesis was built on DOC's resilient "asset-light" business model, which delivers high margins and strong cash flow conversion. Under ICG's ownership, the group aims to further expand its product pipeline and potentially explore international M&A to diversify its purely Italian revenue base.
In the past, the company had already been the subject of several LBOs, notably led by Charterhouse in 2013 and Cvc in 2016. This succession of buyouts highlights the strong attractiveness of the company's business model.
DOC GENERICI, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount 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
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with DOC GENERICI
Other operations with DOC GENERICI
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2022 | TPG | DOC GENERICI | ITALY | Generics / Labs |
| 03/2016 | CVC | DOC GENERICI | ITALY | Generics / Labs |
| 07/2013 | CHARTERHOUSE | DOC GENERICI | ITALY | Generics / Labs |
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|---|---|---|---|---|
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Other operations with ICG / MERIEUX EQUITY PARTNERS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2026 | ICG | TRUSTTEAM | BELGIUM | MSP (Managed Services) |
| 06/2026 | ICG | PAULO DUARTE GROUP | PORTUGAL | Road Freight |
| 01/2026 | ICG | NAVARINO | GREECE | MSP (Managed Services) |
| 10/2025 | ICG | MAGELLAN PARTNERS | FRANCE | Consulting & Integration |
| 02/2025 | ICG | GROUPE CLIMATER | FRANCE | HVAC |
| 07/2021 | ICG | INFRA GROUP | BELGIUM | IT Services |
| 05/2021 | ICG | CIRCET | FRANCE | IT Services |
| 04/2021 | ICG / MANAGEMENT & PRIVATE INVESTORS | DOMUSVI | FRANCE | Nursing Homes |
| 06/2017 | ICG / MANAGEMENT & PRIVATE INVESTORS | DOMUSVI | FRANCE | Nursing Homes |
| 12/2016 | ICG | PARK HOLIDAYS | UNITED KINGDOM | Hospitality |
REFERENCES
Valuation range: EV €1–10bn
Revenue range: €150–250M
EBITDA range: €50–100M
EV/Revenue range: 4x - 10x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DOC GENERICI by ICG / MERIEUX EQUITY PARTNERS 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: icg / merieux equity partners