LABORATOIRE X.O acquired by NOVALPINA CAPITAL
Context
Novalpina Capital made its first French investment by acquiring a controlling stake in Laboratoire X.O. The deal values the company at over EUR300M, supported by a unitranche debt facility from Ares Management. Novalpina has also reserved EUR100M for future acquisitions. The objective is to triple revenue within five years by acquiring more drug portfolios and expanding the group's international footprint beyond France and Francophone Africa.
LABORATOIRE X.O, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Founded in 2015, Laboratoire X.O is a specialty pharmaceutical company focused on acquiring and revitalizing mature drug brands (Legacy Brands) from "Big Pharma." It operates an asset-light model, outsourcing production while managing 21 Market Authorizations (MA). Its portfolio includes prescription drugs and a growing Over-The-Counter (OTC) division, with key brands like Prexidine (mouthwash).
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Historical Financials (EUR)
Other operations with LABORATOIRE X.O
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2022 | STANLEY CAPITAL PARTNERS | LABORATOIRE X.O | FRANCE | Generics / Labs |
REFERENCES
Revenue range: 25M - 50M EUR
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