Alliance Santé Partecipations, an holding company controlled (through Newcip sa) by Italian entrepreneur Stefano Pessina, bought from funds managed by Kkr a 50% stake in Alliance Healthcare Italia, raising then his stake to 100%, MF Milano Finanza wrote yesterday, disclosing a report of the most recent Italian Antitrust Autohity’s Bullettin.
Alliance Healthcare Italia, one of the biggest distributor of drugs to pharmacies in Italy, had reached 1.12 billion euros in revenues in FY ended on March 31st 2017 (from 1.13 billions in FY 2015-2016), a positive ebitda of 4.29 million euros (from a negative ebitda of 21.3 millions), a 9.72 million euros in net loss (from -50.56 millions) and a gross banking debt of 345.56 million euros (from a net financial debt of 325.8 millions) (see here an analysis by Leanus, after free registration and login).
Alliance Healthcare Italia is the company that originated Mr. Pessina’s entrepreneurial adventure in mid-’70s as it was formerly named Alleanza Farmaceutica (when it still was Mr. Pessina’s family business) and became then Alleanza Salute Italia after a series of mergers and acquisitions and finally Alliance Healthcare Italia, after having merged withprior with Unichem and then with Boots (see here the company history).
In July 2007, Kkr backed the management buyout of Alliance Boots, the most important pharmacy retail chain in UK, in partnership with Mr. Pessina, back then deputy chairman of Alliance Boots. That was a deal valued 11.1 billion pounds (or 22.2 billion dollars) which was financed by 9 billion pounds of debt and was the biggest leveraged buyout in European history.
After some years US group Walgreens acquired Alliance Boots in a two-steps deal that ended with the merger of the two groups in 2015, with Mr. Pessina owning now a 13.36% stake in the new group Walgreens Boots Alliance and being deputy executive chairman and chief executive officer while Kkr has been selling its remaining stake in the group and divesting completely in November 2016 (see here Bloomberg).