HIPPOCRATES (LAF - LA FARMACIA)
Acquired by
ANTIN INFRASTRUCTURE
HIPPOCRATES (LAF - LA FARMACIA) acquired by ANTIN INFRASTRUCTURE
Target
HIPPOCRATES (LAF - LA FARMACIA)
Acquirer
ANTIN INFRASTRUCTURE
Context
Antin Infrastructure Partners acquired a majority stake (approximately 80%) in Hippocrates Holding. The co-founders reinvested to retain the remaining 20% and maintained their roles as co-CEOs. The original investors (including DVR Capital and Italian family offices such as the Notarbartolo and Marzotto families) sold their shares in this transaction. The transaction was intended to provide the capital needed to accelerate the consolidation strategy in the highly fragmented Italian pharmacy market.
HIPPOCRATES (LAF - LA FARMACIA), which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 13.4x average currently observed in the Healthcare & Pharma sector.
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Target
Hippocrates Holding is the leading independent pharmacy network in Italy. Founded in 2018 by Davide Tavaniello and Rodolfo Guarino, the group operates 615 pharmacies under the proprietary brand "LaF" (La Farmacia). It aggregates independent pharmacies into a centrally managed corporate network, offering Corporate efficiencies and standardized services.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with HIPPOCRATES (LAF - LA FARMACIA)
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