Fagron FIRST LOOK: Guinama acquisition in Spain
Fagron signs its third acquisition of the year with Guinama, a Valencia-based company specializing in repackaging and distribution of active pharmaceutical ingredients and excipients, for a € 22m EV. With low double digit annual revenue, the deal further strengthens Fagron's position in the Iberian compounding market. EBITDA margins are already slightly above Fagron's existing group margin, with further improvement potential by optimizing sourcing, back-office operations, warehousing and production. We reiterate our € 24 TP and Buy rating.Fagron supplies products, services to professionals and institutions in the healthcare sector in Europe, the U.S.A. and Brazil. Co.'s activities are subdivided into four divisions. Through Fagron, Co. offers products and concepts for pharmaceutical compounding. Through Arseus Dental, Co. supplies dental products and concepts to dentists and dental laboratories in Belgium, the Netherlands, France, Germany and Switzerland. Through Arseus Medical, Co. supplies medical and surgical products to specialists, elderly homes, homecare nurses and hospitals in Belgium and the Netherlands. Through Corilus, Co. supplies ICT total solutions for medical specialists in Belgium, the Netherlands and France.
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