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07/2021

LIFEBRAIN acquired by CERBA HEALTHCARE

ITALY Health Providers / Healthcare Facilities / Labs (Biology) EV €1–10bn

Context

Cerba HealthCare won a highly competitive auction process managed by Goldman Sachs and JP Morgan to acquire Lifebrain from Investindustrial. The transaction marks Cerba's entry as a major player in the Italian market, significantly expanding its European footprint. The acquisition follows a period of rapid growth for the target, which doubled its profitability between 2019 and 2021, partly driven by a high volume of pandemic-related testing. The deal received backing from Cerba's new majority shareholder, EQT, alongside long-term partners.

It is worth noting that the fund Investindustrial took control of Lifebrain through an LBO in 2018.

LIFEBRAIN, which reported an EBITDA margin of [members only] in 2020, 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).

-> Deep-dive in Healthcare & Pharma market trends

Target

Lifebrain is Italy's largest provider of clinical laboratory testing services. The group operates a vast network of approximately 360 sites across the country and generates over EUR200 million in revenue. Beyond its core medical diagnostics business, Lifebrain has successfully diversified into environmental and food safety testing markets. Under its previous ownership, the company became a prolific consolidator, completing 70 acquisitions in just three years to achieve its current scale.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€150–250M
€100–200M
[members only]
2019
€150–250M
€100–200M
[members only]

Other operations with LIFEBRAIN

Other operations with LIFEBRAIN

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2018INVESTINDUSTRIALLIFEBRAINITALYLabs (Biology)

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €150–250M

EBITDA range: €100–200M

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 LIFEBRAIN by CERBA HEALTHCARE 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: cerba healthcare