ArchiMed to acquire Bomi in €70m take-private deal

Alessia Argentieri
04 March 2019

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Healthcare-focused GP ArchiMed has launched a bid to acquire Milan-listed healthcare logistics specialist Bomi Group in a €70m deal.

ArchiMed's bid is subject to a number of conditions, notably that 90% of all shares will be tendered – which is the threshold for de-listing the company from the Italian stock exchange.

The bid translates into an offer of €4.00 per share – which equates to 30.67% more than yesterday's official closing share price of €3.06 and 50.38% more than the six-month average price of €2.66 – as well as an offer of €4,000 for each of the company's convertible bonds.

The GP secured the support of all major shareholders with stakes of more than 5%, which have all committed to selling their full shareholdings to ArchiMed. The shareholder base includes the founding Ruini family and private equity firms Quaestio Capital Management and First Capital, which control 50.4%, 12.4% and 5.6% in Bomi, respectively.

The GP intends to finance the acquisition via its new mid-market fund, Med Platform I, which was launched in June 2018 with a target of €800m and held a €530m first close in October 2018.

If the bid is successful, Bomi's management team led by CEO Marco Ruini will stay on with the business, with the latter reinvesting more than 40% of his proceeds from the sale back into the company for a 5% stake. In addition, ArchiMed partner André-Michel Ballester will be appointed Bomi's new chair.

The GP intends to boost Bomi's growth both organically and through acquisitions, support its expansion into new countries, enlarge its client base, and broaden its offering with new services and products for the healthcare supply chain management.

Company
Established in 1985 and based in Vaprio d'Adda, near Milan, Bomi specialises in transport, warehousing and supply chain management for healthcare companies ranging from pharmaceutical and medical equipment manufacturers to hospitals, testing laboratories and outpatient service providers. The business operates in 20 countries across Europe, the Americas and Asia, and generated EBITDA of €11.3m from revenues of €117.9m in 2017, and EBITDA of €6.3m from €62.2m in the first half of 2018.

People
ArchiMed – André-Michel Ballester (partner).
Bomi Group – Marco Ruini (CEO).

Advisers
Equity – Gianni Origoni Grippo Cappelli & Partners (legal); Equita (corporate finance); KPMG (financial due diligence); Bonafè Grifoni e Associati (tax).
Company – Simmons & Simmons (legal).