Article
Mediq Sale Process Stalls Amid Valuation Mismatches
The sale process for Advent-backed Dutch medical supplier Mediq has stalled due to valuation mismatches between buyers and sellers, according to sources.
The auction had gained weak interest from private equity firms, with one potential bidder being Partners Group, sources said. The price growth is limited in the sector that Mediq operates in, while Advent has targeted a valuation of more than €1 billion, they added.
However, Advent remains in dialogue with more than five parties, one source said.
Sell-side advisors Deutsche Bank and William Blair prepared the launch of the asset sale late last year, as reported. Deutsche Bank provided a staple financing of around €550 million to €600 million, implying a leverage in the range between 5x and 6x based on Mediq’s EBITDA of around €100 million, sources said. The company was looking to raise more debt by a narrow margin than what it currently has under Advent’s ownership.
Advent acquired Mediq in a take-private deal in 2013 that delisted the group from Euronext Amsterdam. The long-term ownership may make it tricky for Advent to get the right pricing on the asset, said one source.
Founded in 1899 as a pharmacist cooperative, Mediq now provides pharmaceuticals, devices and care services to medical centers and patients in 14 countries.
Advent declined to comment.
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