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AddLife acquires Austrian Biomedica

Kristina Willgaard

The company is taking an important step in its expansion and internationalization strategy by acquiring Austrian Biomedica Medizinprodukte GmbH.

Biomedica, which is the parent company of a group with sales of about EUR 65 million, engages in operations in 13 countries in Europe and has about 280 employees. Just like AddLife, Biomedica supplies products and services in the fields of laboratory technology and medical technology primarily to publicly funded healthcare.

Financial considerations

The total purchase price for the acquisition of Biomedica is about EUR 39 million, of which 75 percent is paid in cash through existing credit facilities and 25 percent through newly issued Class B shares in AddLife. The acquisition is therefore conditional on approval of the issue in kind by the Extraordinary General Meeting in AddLife. Principal shareholders with votes corresponding to about 14.1 percent of the shares and about 34.9 percent of the votes have undertaken to vote for the issue in kind at the Extraordinary General Meeting. Notice of the Extraordinary General Meeting on 20 December 2018 will be announced in a separate press release. The acquisition is expected to be completed in December 2018.

The Board of Directors of AddLife also decided on a new share issue with preferential rights for AddLife’s existing shareholders to raise about SEK 500 million, with the subsequent approval on the Extraordinary General Meeting. The purpose of the rights issue is to raise capital to continue to pursue AddLife’s growth strategy and to carry out more strategic acquisitions.

An important step

“The acquisition of Biomedica is an important step in our continued growth journey, a key gateway into the European market for AddLife. The acquisition is completely in line with our ambition to expand geographically and the business-related similarities between AddLife and Biomedica are great. We will have the opportunity to add products and services on markets with a population that is more than four times as large as the one we reach today,” says Kristina Willgård, CEO of AddLife.

An essential step beyond the Nordic region

AddLife’s home market is primarily the Nordic region, but the group is also active in the Baltic region, the Benelux countries, Italy, China and the US. Through the acquisition of Biomedica, AddLife takes an essential step beyond the Nordic region, which is in line with its previously announced internationalisation strategy.

The acquisition of Biomedica is the tenth corporate acquisition that AddLife has carried out since it was listed on the Stockholm Stock Exchange in 2016.

Photo of Kristina Willgård, CEO of AddLife