06/2017MajorityLBO

Charterhouse takes majority stake in Serb

BELGIUM Life Sciences / Pharma & Biotech EV €300–700M

Context

This transaction involves Charterhouse successfully acquiring a controlling majority stake in SERB. The operation is meticulously structured to perfectly align with the target's existing executive leadership. The historical controlling shareholder and the incumbent management team are significantly reinvesting their proceeds to retain a robust equity position while continuing to lead day-to-day operations. Charterhouse utilizes its latest flagship investment vehicle to capitalize this partnership. The primary strategic rationale underpinning the deal is to massively accelerate SERB's developmental roadmap. The freshly injected capital and strategic guidance will be explicitly deployed to fuel ongoing geographic expansion and aggressively pursue the continuous acquisition of complementary specialty pharmaceutical products and synergistic businesses.

Serb, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Healthcare & Pharma sector (14.3x in 2026).

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Target

Headquartered in Belgium, SERB is a prominent, independent European pharmaceutical company specializing strictly in niche branded prescription medicines. The firm focuses heavily on highly specific therapeutic areas, including critical and emergency care, neurology, diagnostics, and endocrinology. Operating through multiple established offices across Europe and expanding actively into North America, the company boasts an exceptionally stable and fast-growing product portfolio. Its historical success is deeply rooted in a dual strategic approach: driving robust organic growth while successfully executing targeted acquisitions of niche pharmaceutical products possessing significant growth potential.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2016

2015

Other operations with Charterhouse

Other operations with Charterhouse
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07/2026	CHARTERHOUSE / HARWOOD PRIVATE EQUITY	ANIMALCARE GROUP	UNITED KINGDOM	Animal Health
07/2026	CHARTERHOUSE	BATIBIG	FRANCE	Maintenance
12/2025	CHARTERHOUSE	WINBACK	FRANCE	Medical Devices
03/2025	CHARTERHOUSE	ESTYA	FRANCE	Security & Guarding
12/2024	CHARTERHOUSE	METRODORA	SPAIN	Education Providers
01/2024	CHARTERHOUSE	TWO CIRCLES	UNITED KINGDOM	Marketing & Events
07/2023	CHARTERHOUSE	SAGEMCOM	FRANCE	IoT & Connected Objects
07/2021	CHARTERHOUSE	LABELIUM	FRANCE	AdTech
07/2021	CHARTERHOUSE	SIACI SAINT-HONORE	FRANCE	Brokerage
11/2020	CHARTERHOUSE	NOVETUDE SANTE	FRANCE	Education Providers

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €50–100M

EBITDA range: €10–30M

EV/Revenue range: 2x - 6x

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 Serb by Charterhouse 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

Target: serb

Acquirer: charterhouse

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Serb, a Belgian company specialised in Pharma & Biotech, by Charterhouse in 2017, structured as a leveraged buyout (LBO).

How was the acquisition of Serb by Charterhouse valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

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

At the time of the transaction, Serb generated annual revenue estimated in the €50–100M range and EBITDA in the €10–30M bracket (FY 2016). Detailed financial figures are available to members.

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

With an estimated valuation multiple in the range of 10x - 18x in 2017, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Healthcare & Pharma sector are valued at a multiple of 14.3x EBITDA.

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.

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