Healthcare company Uniphar acquires Netherlands firm

HEALTHCARE services firm Uniphar, has acquired pharmaceutical wholesaler BModesto Group.

It is the latest acquisition for Uniphar, its head office located in Citywest Business Park.

BModesto, headquartered in the Netherlands, offers pharmaceutical and healthcare products across Europe, with focus on the Dutch, German and UK markets.

Founded in 2014, the group currently employs over 180 people.

As well as medicine distribution, BModesto also provides clinical trial services and supplies medical devices.

The group’s customer base currently includes pharmacies, hospitals, wholesalers and pharmaceutical companies, with a distribution centre outside Amsterdam.

The acquisition included an upfront payment of €51m, as well as a deferred consideration payment of up to €24m based on the achievement of EBITDA and gross profit performance targets set by Uniphar.

Last year, BModesto generated EBITDA of €7.7m.

Uniphar now estimates that the acquisition will deliver a return on capital employment of 12 per cent – 15 per cent within the next three years.

“BModesto is a significant addition to the Group, strengthening our Product Access offering in Europe and beyond,” said Uniphar chief executive Ger Rabbette.

“The acquisition is another step in achieving our strategy of becoming a global leader in the ethical provision of access to medicines which remain unlicensed at the point of care.”

“We share common goals which means we have an excellent cultural and strategic fit,” BModesto chief executive Michael Hendriks added.

Uniphar also offered an update on its acquisition of rival pharmacy group NaviCorp, which was first unveiled last December.

The deal remains subject to approval by the Competition and Consumer Protection Commission, with a decision expected next month.

In September, Uniphar also revealed it had acquired leading Irish pharmacy retailer McCauley Pharmacy Group.