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AURELIUS EQUITY OPPORTUNITIES SE & CO. KGAA

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In its biggest deal in history, AURELIUS acquires McKesson UK

11/01/2021 | 07:17am EST
In its biggest deal in history, AURELIUS acquires McKesson UK
  • AURELIUS agrees to acquire McKesson UK, the UK's leading fully integrated healthcare provider, across retail, wholesale, homecare and digital platforms for an enterprise value of GBP 477m
  • Represents the largest transaction undertaken by AURELIUS since being established in 2005 and only a few months since the launch of the AURELIUS European Opportunities Fund IV
  • McKesson UK is focused on playing a key role in the UK healthcare market including in the response to the COVID-19 pandemic
  • AURELIUS is committed to supporting McKesson UK with the delivery of its growth initiatives and its next stage of development
  • Co-investment structure together with AURELIUS Equity Opportunities SE & Co. KGaA is already paying off
  • Further enhances AURELIUS' renowned track record in the industry as carve-out specialist and trusted acquirer

Munich/London, November 1, 2021 - In its largest deal to date, AURELIUS today announces the acquisition of McKesson UK in a corporate carve-out from US healthcare company McKesson Corporation, Irving, Texas. The deal with an enterprise value of GBP 477 million will be completed by AURELIUS' newly launched co-investment structure with AURELIUS European Opportunities Fund IV controlling a 70% stake and AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) controlling 30%. The transaction is expected to close in Q1 2022, subject to customary closing conditions, including receipt of required regulatory approvals.

The McKesson UK business has an established position in the healthcare sector, comprising Lloyds Pharmacy as well as wholesale pharmaceuticals distributor, AAH Pharmaceuticals, and generated over GBP 5 billion in revenues and an EBITDA in the high double-digit millions in 2020.

McKesson UK operates four divisions: retail, digital, homecare and wholesale. The business has over 18,000 employees, including pharmacists, nurses, logistics operatives as well as store, warehouse and administration personnel. Thanks to McKesson's established position in the UK as an integrated player in the healthcare sector and AURELIUS' proven track record in assisting companies deliver on their growth potential, the company is well-positioned to meet consumer expectations. The business is in a strong financial position, underpinned by long-standing customer relationships and new opportunities such as the provision of additional healthcare services across its pharmacy estate and the ability to facilitate the increasing trend of primary care being delivered digitally to patients at home.

AURELIUS has a strong track record of successful carve-out transactions and operational transformation in the European mid-market. Recent transactions include the successful carve-outs of SSE Contracting, a leading multi-disciplinary mechanical and electrical contracting business, from SSE Plc, and Panasonic Consumer Energy, a leading producer in the European consumer batteries market, from Panasonic Europe B.V.

Dr. Dirk Markus, Founding Partner of AURELIUS, said:

"I am very excited about the transaction which marks a new milestone in the development of AURELIUS, lifting the whole organisation to a new level. This major transaction validates the strategic decision to raise AURELIUS European Opportunities Fund IV. We now have available capital of more than EUR 500 million and are looking forward to further exciting opportunities.

I would like to thank McKesson for placing its trust in us. Our agreement with McKesson builds on AURELIUS' proven track record as a trusted investor in corporate carve-outs, leveraging AURELIUS' operational expertise to grow portfolio companies. A special thank you also goes to our investment team all of whom played an important role in reaching this stage. I am looking forward to the management and operational team providing their expertise and know-how in supporting the business under new ownership."

AURELIUS Partner Tristan Nagler said:

"We see significant potential in all four segments of McKesson UK to grow and enhance the business along with delivering further benefits to customers through additional investments - for example in digitalisation measures and other initiatives to further increase the quality and reliability of service for the patients and communities that McKesson UK serves. The transaction with McKesson reaffirms that AURELIUS is well-positioned and well-regarded in the European mid-market as a pan-European asset manager offering sustainable value creation for its stakeholders."

AURELIUS was advised by Rothschild & Co. (Corporate Finance), PwC and FRP (Financial), Interpath (Tax), Mayer Brown and DLA (Legal), Cardano (Pensions), Kearney (IT) and Mansfield (Commercial).

About AURELIUS

AURELIUS Group is a pan-European asset management group with offices in Munich, London, Stockholm, Madrid, Amsterdam, Milan and Luxembourg.

Key investment platforms are its AURELIUS European Opportunities IV fund as well as listed AURELIUS Equity Opportunities SE & Co. KGaA ("AEO"; ISIN: DE000A0JK2A8), which acquire corporate carve-outs and companies with development potential in the mid-market (fund) and lower mid-market sector (AEO). The investment strategy's core element is operational support of its portfolio companies with a team of almost 100 in-house operating taskforce experts. AURELIUS Group also operates in the areas of growth capital, real estate opportunities and debt. With its group charity AURELIUS Refugee Initiative e.V., AURELIUS provides comprehensive support for refugees on their way towards a better life.

Disclaimer

AURELIUS Equity Opportunities SE & Co. KGaA published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 12:16:07 UTC.


© Publicnow 2021
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Financials
Sales 2021 3 194 M 3 562 M 3 562 M
Net income 2021 53,4 M 59,5 M 59,5 M
Net Debt 2021 248 M 276 M 276 M
P/E ratio 2021 15,6x
Yield 2021 4,43%
Capitalization 802 M 895 M 895 M
EV / Sales 2021 0,33x
EV / Sales 2022 0,32x
Nbr of Employees 11 281
Free-Float 96,3%
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Number of Analysts 3
Last Close Price 28,24 €
Average target price 47,53 €
Spread / Average Target 68,3%
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Managers and Directors
Dirk Markus Chairman-Executive Board
Matthias Täubl Chief Executive Officer
Richard Schulze-Muth Chief Financial Officer
Christian Dreyer Chairman-Supervisory Board
Gert Purkert Member-Executive Board
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