Ratos acquires TFS
(Thomson Reuters ONE) -
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
Ratos has signed an agreement to acquire 60% of the shares in TFS Trial Form
Support International AB (TFS), an international service provider, a so-called
Contract Research Organisation (CRO), which conducts clinical trials for
pharmaceutical, biotechnology and medical device companies. The purchase price
(enterprise value) for 100% of the company amounts to approximately EUR 47m, of
which Ratos will provide equity of approximately EUR 27m including a maximum
additional purchase price.
TFS performs clinical trials on behalf of the pharmaceutical, biotechnology and
medical device industry, as well as associated industries. TFS offers broad
medical competency and niche expertise, thus providing global clinical trials to
its customers in a regulated and safe manner. The company's offering comprises
contract research services by coordinating and implementing clinical trials,
regulatory consulting and analysis of test results. Assignments varies from
execution of the entire clinical development programme or delivering
specifically selected services of the clinical trials. TFS's services contribute
to solving customers' increasing needs to optimise internal use of resources, as
well as the need for qualitative and efficiently conducted clinical trials.
TFS's services further achieve a reduction in the clinical development time and
therefore contribute considerable value to the customers' objective of reducing
time to market and potentially increased sales.
The expanding CRO market is driven by pharmaceutical companies increasingly
focusing on their core operations (R&D), as well as the need to adhere to the
increasing requirements and complexity of the regulatory frameworks. TFS's core
expertise lies in serving small and medium-sized pharmaceutical, biotechnology
and medical device companies, where there is a growing outsourcing trend for
clinical trials and underlying growth in Research and Development. TFS has 23
offices in Europe and North America and conducts trials in a total of 40
countries. The number of employees amounts to approximately 670 individuals,
while sales amounted to approximately EUR 49m in the past 12 months as per
August 2015.
"TFS is an attractive company with well-established and strong customer
relations, which has developed a strong international platform in a market
segment that is expanding as the demand for these service offerings and specific
expertise increases. We can also see a distinct consolidation trend in the
industry, which could generate opportunities for attractive additional
acquisitions. By combining the founder Daniel Spasic's and the rest of the
management team's industry expertise with our background of supporting growth
companies with a clear strategic agenda, as well as our capital and expertise in
implementing additional acquisitions, we regard this as a very interesting
investment opportunity for Ratos," says Susanna Campbell, President of Ratos.
"We view Ratos's commitment and partnership in TFS as confirmation of the value
creation in the services that we deliver to our customers, our global
positioning and the unique expertise and experience of our staff. Ratos has the
qualities we seek in a long-term partner; it has demonstrated participation and
commitment in the company's future growth strategies and a genuine interest in
the knowledge and experience that exists in the organisation. Ratos possesses
impressive industrial experience that I am convinced is required to take the
company to a leading market position. Ratos's fundamental values correspond well
with TFS and together we will strengthen the conditions for continued growth in
our ambition to become the most attractive global development partner for small
and medium-sized pharmaceutical, biotechnology and medical device companies,"
says Daniel Spasic, CEO of TFS.
TFS was founded in Lund in 1996 and is currently owned by its founder and CEO,
Daniel Spasic, who has successfully developed the company into a leading mid-
sized CRO with a strong market position through considerable organic and
acquisition-based growth. Daniel will retain an ownership share of 40% in the
company and will continue to lead the company's development and growth. Anders
Ekblom has supported Ratos during the acquisition process as Industrial Adviser
and will continue to be engaged in the development. He is very experienced in
the industry, for example as Global Research manager for AstraZeneca and
previous CEO AstraZeneca AB and today as Chairman of the Board at Karolinska
University Hospital.
Ratos is acquiring 60% of TFS. The purchase price (enterprise value) for 100%
amounts to a maximum of EUR 47m. Based on estimated net debt on completion of
the deal, for its 60%, Ratos is expected to inject equity of approximately EUR
15m plus an additional purchase price of a maximum of EUR 12m depending on the
earnings trend for 2015-16. The acquisition is scheduled to be finalised at the
beginning of the fourth quarter.
For further information, please contact:
Susanna Campbell, CEO +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, +46 8 700 17 20
Financial calendar from Ratos:
Interim report January-September 2015 6 November 2015
Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily unlisted medium sized Nordic
companies. Ratos's holdings include AH Industries, Aibel, Arcus-Gruppen, Biolin
Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group, HENT, HL
Display, Inwido, Jøtul, KVD, Ledil, Mobile Climate Control, Nebula and Speed
Group. Ratos is listed on Nasdaq Stockholm and market capitalisation amounts to
approximately SEK 19 billion.
Press release (PDF):
http://hugin.info/1180/R/1950117/708919.pdf
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originality of the information contained therein.
Source: Ratos via GlobeNewswire
[HUG#1950117]
Unternehmensinformation / Kurzprofil:
Datum: 07.09.2015 - 08:30 Uhr
Sprache: Deutsch
News-ID 418277
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contact information:
Town:
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Kategorie:
Business News
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