Uniphar plc today announces the acquisition of BModesto Group

Wednesday, November 23, 2022

Uniphar plc (the "Group") today announces the acquisition of BModesto Group ("BModesto").

BModesto is a Netherlands headquartered healthcare services business focused on improving access to pharmaceutical and healthcare products across the Netherlands, Germany, the UK and Europe.

BModesto offers a wide range of services including the distribution of medicines on both an exclusive and on-demand basis, clinical trial services, market authorisation holder and medical device distribution.

These services are targeted at a growing customer base comprising of pharmacies, hospitals, wholesalers and pharmaceutical companies. Delivery of these products and services is supported by a well-invested logistics infrastructure, including a modern distribution centre outside Amsterdam, that enables the processing of high volumes of product and efficient distribution across Europe. The BModesto team of over 180 people has, since its foundation in 2014, built up a strong international sourcing network to gain access to these much needed and often difficult to source medicines.

The acquisition will be integrated into Uniphar's Product Access division and will support the delivery of existing services into the strategically important European market. The BModesto platform, which Uniphar will continue to invest in, further accelerates our strategy of becoming a global leader in providing access to ethically sourced unlicensed and difficult to source medicines and the delivery of 'Expanded Access Programs' on a global basis.

BModesto generated EBITDA of €7.7m in 2021 and the acquisition is expected to deliver a Return on Capital Employed in line with Uniphar's target rate of 12%-15% within three years.

The purchase price includes an upfront payment of €51m, which will be funded from existing banking facilities, plus a deferred consideration payment of up to €24m contingent upon the achievement of EBITDA and Gross Profit based performance targets. The BModesto team recognises the enhanced opportunity to continue to grow the business as part of the Group and remains fully engaged as a core part of the global business going forward.

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