Aenova Holding GmbH
BC Partners Prepares Aenova for Sale on Back of Strong YTD Performance
Fri 09/08/2023 04:24 AM
BC Partners is gearing up to sell its German pharmaceutical contract development and manufacturing organization, or CDMO, Aenova on the back of strong year-to-date trading, sources told Reorg.
Aenova’s sales reached €66.2 million in May this year, which was ahead of the €63.2 million budgeted and the €60.1 million the group achieved a year earlier, while adjusted EBITDA reached €11 million, exceeding both €8.3 million budgeted and the €7.5 million the group generated a year earlier. Net leverage improved to 5.2x as of May.
Transactions in the European pharmaceuticals sector have an average enterprise value of 10.4x EBITDA, according to Fundamentals by Reorg.
BC originally acquired Aenova from Bridgepoint in 2012.
Aenova’s capital structure as of May is below:
BC Partners declined to comment.
– Robert Schach, Oscar Laurikka
Aenova’s sales reached €66.2 million in May this year, which was ahead of the €63.2 million budgeted and the €60.1 million the group achieved a year earlier, while adjusted EBITDA reached €11 million, exceeding both €8.3 million budgeted and the €7.5 million the group generated a year earlier. Net leverage improved to 5.2x as of May.
Transactions in the European pharmaceuticals sector have an average enterprise value of 10.4x EBITDA, according to Fundamentals by Reorg.
BC originally acquired Aenova from Bridgepoint in 2012.
Aenova’s capital structure as of May is below:
|
05/31/2023
|
EBITDA Multiple
|
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|---|---|---|---|---|---|---|---|---|
|
(EUR in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
|
||||||||
|
€50M RCF
|
-
|
|
-
|
|
|
|
||
|
€565 million first lien term loan B
|
565.0
|
|
565.0
|
Mar-2026
|
EURIBOR + 4.500%
|
|
||
|
Total Secured Debt
|
565.0
|
565.0
|
4.6x
|
4.6x
|
||||
|
Financial Leases
|
76.5
|
|
76.5
|
|
|
|
||
|
Other bank loan
|
5.6
|
|
5.6
|
|
|
|
||
|
Letters of credit
|
0.2
|
|
0.2
|
|
|
|
||
|
Total Other debt
|
82.3
|
82.3
|
5.3x
|
5.3x
|
||||
|
Total Debt
|
647.3
|
647.3
|
5.3x
|
5.3x
|
||||
|
Less: Cash and Equivalents
|
(11.9)
|
(11.9)
|
||||||
|
Net Debt
|
635.4
|
635.4
|
5.2x
|
5.2x
|
||||
|
Operating Metrics
|
||||||||
|
LTM Revenue
|
769.6
|
|||||||
|
LTM Reported EBITDA
|
122.5
|
|||||||
|
|
||||||||
|
Liquidity
|
||||||||
|
RCF Commitments
|
50.0
|
|||||||
|
Less: Letters of Credit
|
(0.2)
|
|||||||
|
Plus: Cash and Equivalents
|
11.9
|
|||||||
|
Total Liquidity
|
61.7
|
|||||||
|
Credit Metrics
|
||||||||
|
Gross Leverage
|
5.3x
|
|||||||
|
Net Leverage
|
5.2x
|
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|
Notes: Net leverage as calculated by Aenova for covenant purposes based on €134.1M LTM SFA Adjusted EBITDA was 4.1x. |
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Aenova loans are held by the following managers. Click HERE to see the holders in the database:
BC Partners declined to comment.
– Robert Schach, Oscar Laurikka
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