Investor Presentaiton
Meaningful industry consolidation is underway
Date
Company
November Synlab Analytics & Services
November LGC
July
Genomic Health
July
Quotient Sciences
July
Just Biotherapeutics
April
Paragon
September Genewiz
July
Halo
March
BIO7
March
Selection of recent significant transactions in the testing industry
Acquirer
Geography Sales (Em) EV (Em) EV/Sales (x) EV/EBITDA (x)
2020
SGS
EU
Integrated DNA Technologies Inc.
September Chiltern International
June
May
April
EUROIMMUN
Patheon
Exova
January Cerba
December Unilabs
November Cepheid
January
WIL Research
202
550
2.7x
16.2x
AVERAGE
2.7x
16.2x
2019
Cinven and Astorg
UK
525
3,519
6.7x
17.1x
Exact Sciences
US
507
2,816
5.6x
25.0x
Permira
UK
129
705
5.5x
17.0x
Evotec
US
18
80
4.5x
N/A
Catalent
US
178 1,067
6.0x
21.4x
AVERAGE
5.7x
20.1x
2018
Brooks Automation
US
102.
383
3.8x
N/A
Cambrex
US
87
353
4.0x
15.7x
Cerbal
FR
110
500
4.5x
N/A
Danaher Corp
US
163
1,628
10.0x
N/A
AVERAGE
5.6x
15.7x
2017
Labcorp
US
133
990
7.4x
N/A
PerkinElmer
DE
166
1,139
6.9x
32.0x
Thermo Fischer
NL
1,712
6,424
3.8x
18.1x
Element Materials Tech
UK
401
743
1.9x
9.4x
PSP, Partners Group
FR
630
1,800
2.9x
12.0x
AVERAGE
4.6x
17.9x
2016
Apax IX
Danaher
CHI
675
1,500
2.2x
11.8x
US
485
3,770
7.8x
N/A
Charles River
US
194
527
2.7x
13.0x
AVERAGE
4.2x
12.4x
2015
December
Element Materials Technology
Bridgepoint
UK
270
900
3.3x
12.2x
December LGC
KKR
UK
358
1,237
3.5x
14.2x
October
July
Professional Service Industries (PSI)
Amedes
Intertek
US
227
290
1.3x
7.6x
Antin Infrastructure Partners
DE
399
775
1.9x
9.7x
June
Environmental Resources Mgmt
Omers Private Equity
UK
835
1,511
1.8x
14.4x
June
Bio-Reference Laboratories
Opko Health
US
787
1,337
1.7x
12.6x
June
May
Synlab (Majority stake)
Labco
Cinven
DE
756
1,750
2.3x
12.1x
Cinven
FR
650
1,200
1.8x
9.1x
AVERAGE
2.2x
11.5x
2014
November
June
Covance
Zygo Corporation
Labcorp
AMETEK
US
2,465
5,320
2.2x
16.5x
US
1421
257
1.8x
13.0x
February
January
Maxxam Analytical International Corporation Bureau Veritas SA
Diagnósticos Da América Sa
CA
179
433
2.4x
12.5x
Cromossomo Participações li Sa BR
1,009
1,420
1.6x
8.7x
AVERAGE
2.0x
12.7x
* eurofins
Source: Mergermarket, Company announcements, Bloomberg Terminal, Estimates based on publicly available information
43View entire presentation