Farma
Páginas: 4 (827 palabras)
Publicado: 27 de septiembre de 2010
Medimedia : From VUP to Cinven
Fabrice Fries
Deal Structure (1)
•
One single contract, one price: 1.180 M€ (+up to 500 M€ of earn-out for VU if IRR > 25%)
•
Same shareholders: –Funds 75% Cinven 50%, Carlyle 37.5%, Apax France 12.5% – VU 25% But 2 different LBOs, with 2 different debt structures and 2 separate organisations Purchase price of VUH: 605 M€ (incl CMD) – 1.25 x 2001sales 1.13 x 2002 sales budgeted – 8.5 x 2001 Ebitda (w/o click) – 10.1 x 2001 Ebitda (click incl.) 9 x 2002 Ebitda incl. click
•
•
Deal Structure (2)
• Use of funds (€M) • Sources of funds(€M)
• • Purchase price 605 • Bank debt Bank loan against excrow for CMD Vendor loan note Balance sheet cash at completion - additional Shareholder equity & loans Equity investor commitment toInterest funding Vivendi commitment to Internet funding 293 41 70
•
Transaction fees
30
• • •
11 220 10 10
•
Blocked account to fund Internet losses
20
• •
• Total
655
•Total
655
Investor Attractions to MediMedia
• Opportunity to acquire a top quartile international company in health publishing and marketing • Limited exposure to economic downturn • Goodgeographical diversity • Projected expenditure of principal client groups (pharmaco and consumer health) set to grow • MediMedia has a number of strong market positions (regional) • Attractive organiccash generative features • Significant click development costs expensed to date and behind us
Opportunity to develop both organically and through acquisition an even better company attractive tointernational public investors
Source: Cinven
Strategic Objectives
• Cinven’s overriding objective is clear -to make a high quality investment alongside management
• Strategy for MediMedia isnot a break-up • Improve the perceived coherence of the MediMedia group for potential IPO (3-5 years)
• Grow and enhance MediMedia through focusing capital expenditure on the higher growth...
Fabrice Fries
Deal Structure (1)
•
One single contract, one price: 1.180 M€ (+up to 500 M€ of earn-out for VU if IRR > 25%)
•
Same shareholders: –Funds 75% Cinven 50%, Carlyle 37.5%, Apax France 12.5% – VU 25% But 2 different LBOs, with 2 different debt structures and 2 separate organisations Purchase price of VUH: 605 M€ (incl CMD) – 1.25 x 2001sales 1.13 x 2002 sales budgeted – 8.5 x 2001 Ebitda (w/o click) – 10.1 x 2001 Ebitda (click incl.) 9 x 2002 Ebitda incl. click
•
•
Deal Structure (2)
• Use of funds (€M) • Sources of funds(€M)
• • Purchase price 605 • Bank debt Bank loan against excrow for CMD Vendor loan note Balance sheet cash at completion - additional Shareholder equity & loans Equity investor commitment toInterest funding Vivendi commitment to Internet funding 293 41 70
•
Transaction fees
30
• • •
11 220 10 10
•
Blocked account to fund Internet losses
20
• •
• Total
655
•Total
655
Investor Attractions to MediMedia
• Opportunity to acquire a top quartile international company in health publishing and marketing • Limited exposure to economic downturn • Goodgeographical diversity • Projected expenditure of principal client groups (pharmaco and consumer health) set to grow • MediMedia has a number of strong market positions (regional) • Attractive organiccash generative features • Significant click development costs expensed to date and behind us
Opportunity to develop both organically and through acquisition an even better company attractive tointernational public investors
Source: Cinven
Strategic Objectives
• Cinven’s overriding objective is clear -to make a high quality investment alongside management
• Strategy for MediMedia isnot a break-up • Improve the perceived coherence of the MediMedia group for potential IPO (3-5 years)
• Grow and enhance MediMedia through focusing capital expenditure on the higher growth...
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