STADA
Acquired by
CAPVEST PARTNERS
STADA acquired by CAPVEST PARTNERS
Target
STADA
Acquirer
CAPVEST PARTNERS
Context
CapVest Partners agreed to acquire a controlling majority stake in Stada from Bain Capital and Cinven. This deal serves as an alternative to a planned IPO in Frankfurt, which was shelved due to market volatility. Under the agreement, the previous owners (Bain and Cinven) will retain a significant minority stake to benefit from future upside. CapVest intends to support the management team's strategy of international expansion and further consolidation in the fragmented consumer health market. Canson Capital Partners is also expected to co-invest alongside CapVest.
STADA, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 12.8x average currently observed in the Healthcare & Pharma sector.
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Target
Headquartered in Bad Vilbel, Germany, Stada is a leading European pharmaceutical manufacturer. Historically a generics player, the company has successfully transformed into a diversified "three-pillar" business: Consumer Healthcare (brands like Nizoral, Grippostad, Snup), Generics, and Specialty Pharmaceuticals (including Biosimilars).
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 STADA
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 04/2017 | BAIN CAPITAL / CINVEN | STADA | GERMANY | Generics / Labs | The Executive Board and Supervisory Board of STADA agreed to support a voluntary public tender offer from Bain Capital and Cinven. The offer of EUR66.00 per share (including dividend) values the company at an Enterprise Value of approximately EUR5.318 billion. This price represents a premium of roughly 49% over the unaffected share price from December 2016. The deal concludes a highly competitive bidding process (where Advent International was also a contender). The strategic rationale is to delist STADA to allow for a more aggressive long-term growth strategy, unburdened by quarterly public reporting. |
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