Naxicap Partners entered into exclusive negotiations to acquire a majority stake in Emera. The transaction was highly competitive, involving bidders from both strategic industrial backgrounds and infrastructure funds. To secure the deal, the acquirer formed a partnership with one of its primary subscribers to cover the equity requirement for the "upper mid-cap" valuation. The founding family and the management team significantly reinvested in the operation, with the founder of a major industry peer also joining the round as a strategic minority partner. This primary LBO facilitated the full exit of a previous minority financial investor.

EMERA, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.4x average currently observed in the Healthcare & Pharma sector.

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