UDG healthcare announces the sale of Aquilant division for €23 million.

  • UDG healthcare announces the sale of Aquilant division for €23 million.
    Independent.t. E.
    Dublin-UDG healthcare has sold its Aquilant Department for potential consideration of up to €23m.
    https://www.independent.ie/business/irish/udg-healthcare-announces-sale-of-aquilant-division-for-23m-37195268.html
    https://www.independent.ie/business/article35998470.ece/93fba/AUTOCROP/h342/2017-08-04_bus_33441483_I1.JPG

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Dublin-UDG healthcare has sold its Aquilant Department for potential consideration of up to €23m.

The division was sold to H2 partners, a European Private investment company.

Aquilant is a distributor of specialised medical, pharmaceutical and scientific products and services, including the outsourcing of sales, marketing and technical services to clients in Ireland, the UK and the Netherlands.

He represented around 4pc of profit from operating activities in health care in the six months to 31 March 2018.

  • Read more: UDG healthcare continues to expand our acquisitions in the amount of $82 million.

After the sale of the group, enterprise services, organization of drug supply in the area in 2016, UDG has now released all of its lower margin distribution business of the provider, the report said today.

Proceeds from the sale Aquilant will be used to Fund further development of higher growth in the galvanizing and high margin division, Ashfield and sharp.

Under the deal, the total amount receivable by the group will be up to €23m.

This includes initial consideration of cash payment in the amount of 20.5 m and deferred consideration of another € 2.5 million, payable in cash, based on achieving gross profit targets by Aquilant in fiscal years 2018 2019.

“Selling Aquilant to the group’s strategy to focus on its high growth, higher margin international health organizations services” Brendan McAtamney, CEO of UDG healthcare, said.

Separately, UDG also announced its results for the three months to June 30.

UDG said that its performance during the quarter was ahead of the same quarter last year.

The group says a strong contribution from acquisitions and good growth from Ashfield liaison and consultation, and sharp, more than offset the lower contribution from the commercial and Ashfield clinical and Aquilant.

Looking forward UDG said that its balance sheet remains strong, leaving him with “significant potential” for realization of the further strategic acquisitions to complement its existing platform for growth.

The group stated that it reaffirms its full-year forecast for constant currency adjusted diluted earnings per share (EPS) growth for the year to 30 September 2018 to be between 18pc and 21pc ahead of last year’s profit of $37.1 per cent.

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