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07/2022MajorityLBO

TPG takes majority stake in Doc Generici

ITALY Life Sciences / Pharma & Biotech / Generics / Labs EV €1–10bn

Context

TPG Capital has signed a binding agreement to acquire a majority stake in DOC Generici from ICG and Mérieux Equity Partners. The strategic rationale for the transaction is driven by the continued expansion of the Italian generic drug market and DOC Generici's position as a reference brand for patients and healthcare providers. TPG intends to partner with the existing management team to accelerate the company’s leadership through significant investment in organic growth and external consolidation. This acquisition represents a continuation of the company's successful history as a private equity-backed consolidation platform, following previous ownership cycles under Charterhouse, CVC, and ICG. The entry of TPG is expected to provide the capital and global infrastructure necessary to further diversify the product portfolio and optimize the supply chain, ensuring the long-term delivery of high-quality, low-cost medication within the European regulatory framework.

In the past, the company had already been the subject of several LBOs, notably led by CVC in 2016 and ICG / Merieux Equity Partners in 2019. These multiple LBO cycles illustrate the strong appeal for this type of asset.

Doc Generici, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, standing directly in line with the average observed in the Healthcare & Pharma sector (16.1x in 2022).

-> Deep-dive in Healthcare & Pharma market trends

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

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€150–250M
€100–200M
[members only]
2020
€150–250M
€100–200M
[members only]

Other operations with Doc Generici

Other operations with Doc Generici
DateAcquirerTargetCountrySector
04/2019ICG / MERIEUX EQUITY PARTNERSDOC GENERICIITALYGenerics / Labs
03/2016CVCDOC GENERICIITALYGenerics / Labs
07/2013CHARTERHOUSEDOC GENERICIITALYGenerics / Labs

Other operations with TPG

Other operations with TPG
DateAcquirerTargetCountrySector
01/2026TPGOPTUM UKUNITED KINGDOMHealth Tech
09/2023TPGA-GASUNITED KINGDOMHazardous Waste
04/2021TPGTHE MADE GROUPAUSTRALIADairy
11/2014TPGPREZZOUNITED KINGDOMRestaurants / Chains

Similar deals in Life Sciences

Similar deals in Life Sciences
DateAcquirerTargetCountrySector
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08/2022CATALENTMETRICS CONTRACT SERVICESUNITED STATESCDMO
07/2022MERIEUX EQUITY PARTNERSTHERAVIAFRANCEGenerics / Labs
06/2022UI INVESTISSEMENT / GENEONEFTYS PHARMAFRANCEAnimal Health
05/2022ASTORGCORDENPHARMASWITZERLANDCDMO
05/2022GOLDMAN SACHSNORGINENETHERLANDSGenerics / Labs
04/2022HALDERCPM GROUPGERMANYImplants & Prosthetics
03/2022FRESENIUSIVENIXUNITED STATESDiagnostic Equipment
03/2022FRESENIUSMABXIENCESPAINCDMO
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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €150–250M

EBITDA range: €100–200M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 15x - 25x

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 TPG 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.

Press release: view release

Acquirer: tpg

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Doc Generici, an Italian company specialised in Pharma & Biotech, by TPG in 2022, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in April 2019, when the company was acquired by ICG / Merieux Equity Partners.

How was the acquisition of Doc Generici by TPG valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Doc Generici’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Doc Generici generated annual revenue estimated in the €150–250M range and EBITDA in the €100–200M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Doc Generici compare to benchmarks in the Healthcare & Pharma sector?

With an estimated multiple range of 15x - 25x, the transaction stands directly in line with historical averages for the Healthcare & Pharma sector (16.1x in 2022).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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