Vemedia acquires Imgroma B.V.

5th of August, 2011 – The Vemedia group reached an agreement with Brocacef Holding, part of Phoenix Phamahandel GmbH & Co (55%) and Celesio AG (45%), on the takeover of 100% of the share capital of its subsidiary Imgroma BV. Phoenix and Celesio are the two largest pharma distributors in Europe. The acquisition is entirely financed by Vemedia’s banks KBC and Dexia.

On a yearly basis, Imgroma contributes 16 million euro to the turnover with an EBITDA of 1,8 million euro. The main product of Imgroma is Roter, the market leader in Vitamine C in the Netherlands. Roter is an excellent fit with Vemedia’s existing vitamine brand Dagravit. Imgroma is also the distributor of Avent (Philips), Jaico (mosquito milk), Mycosan (nail care), Tiger Balm, Lactona (mouth care), Millium (anti-lice shampoo) etc… The company employs 21 persons.

Yvan Vindevogel, CEO Vemedia group: “This acquisition strengthens our position on the Dutch market where we come near to a number 2 position in self-medication. But more important is the acquisition of the renowned trademark Roter. Vemedia is a specialist in building and extending established brands in local markets. Also the distribution of wellknown brands from third parties perfectly fits into our strategy. In other countries as well, we look at acquisition opportunities and we will invest in geographical growth.”

Johan Van Eecken, CFO Brocacef Holding: “As a division of a large sales- and marketing organisation specialised in self-care products, Imgroma will obtain better scale and more market power. Within Brocacef holding, this perspective is no longer available to Imgroma. The sale of Imgroma to Vemedia offers many opportunities to both companies in the future.”

Consolidated results of Vemedia Pharma for the 1st half year 2011 (excluding Imgroma)

In the first half year of 2011 the net revenue amounted to KEUR 31.046 resulting in an EBITDA of KEUR 6.772. This 21% increase partly results form the contribution of the acquisitions of Sleepzz in the Netherlands (since September 2010) and Podosan in Spain (since December 2010). Also the distribution agreements for Sebamed and Footner contributed to the turnover growth.

Yvan Vindevogel, CEO of Vemedia: “Vemedia’s most important brands like Dagravit, ABC Chemicals, Valdispert, Melatomatine and Sleepzz managed to consolidate their market position in their respective market segments. This validates our strategy that is focused on strong brands. The first half year of 2011 has been marked by a solid growth. Therefore, Vemedia Pharma is confident in the future.”

Key figures as of 30/06/2011 (IFRS – non-audited)

INCOME STATEMENT (‘000 EUR) 30/06/2011

(6 months)

30/06/2010

(6 months)

Evolution
Netto Revenue 31.046 25.662 +21,0%
Gross Margin 16.967 13.148 +29,0%
     As % of net revenue 54,7% 51,3%  
Operating Costs -10.245 -10.144 +1,0%
EBITDA 6.722 3.036 +121,4%
     As % of net revenue 21,7% 11,8%  

 

About Vemedia Pharma

The Vemedia Pharma Group, including operating companies in Diemen (the Netherlands), Woutersbrakel (Belgium), Barcelona (Spain) and Turin (Italy), is a leading and innovative player in OTC (prescription-free medicines), self-care and in-pharmacy-compounding. The group is active in various European countries and also exports its products beyond Europe.

For additional information about the Vemedia Pharma Group see www.vemediapharma.com

For additional information:

Yvan Vindevogel CEO +32 (0) 475 453 320 yvanvindevogel@pandora.be
Rob Drenth COO +31 (0) 205 198 203 rob.drenth@vemedia.nl
Jean-Yves De Vel CFO +32 (0) 476 495 025 jean-yves.de.vel@vemedia.be

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