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Our Cases

Sale of part pharmaceutical wholesaler

Engagement

Sale of part of pharmaceutical wholesaler.

Background

In recent years, changing national regulations have resulted in margin pressure in the pharmaceutical chain. Some of this margin pressure can be prevented by scale expansion. Greater purchasing power and optimisation of logistics processes play an important role in this respect. The role of the wholesalers in the chain is often organised by clustering the volume of various pharmacies, which also own the wholesalers link. The focus of affiliated pharmacies is on realising logistics costs that are as low as possible and purchasing benefits that are as attractive as possible.

Customer's dilemma

The trend of scale expansion was what made our client decide to hand its wholesale activities over to a wholesale organisation with greater purchasing power. Two affiliated subsidiaries belonging to our client did not fully fit into the portfolio of the buyer of the wholesale activities. The client, however, wished to sell the entire holding.

Our contribution

JBR made professional sales memorandums for both subsidiaries. In consultation with the client, a shortlist was subsequently drawn up of potential strategic and financial buyers. In a short space of time, JBR analysed the market, inviting interested parties to make an offer without obligation for the compan(y)(ies). In consultation with the client, the various offers were analysed, partly on the basis of warranties and indemnities expected to be included in the transaction documentation.

The result

Both subsidiaries were ultimately sold to the buyer of the wholesale activities and to the satisfaction of all concerned. By analysing the market quickly and with a limited budget, our client was assured that value optimisation had been performed from a shareholders’ point of view.