ADDvise Group has entered into a share purchase agreement with the owner of Axelerist regarding the acquisition of all shares of Axelerist.

Closing of the acquisition takes place today, Nov 22 2023.

Axelerist

Axelerist, based in Yorktown Heights, New York, is a leading provider of tailored rental and purchase solutions of MedTech- and laboratory equipment for clinical studies. Customers consist of contract research organisations (CRO) and biotech- and pharmaceutical companies.

Axelerist’s revenue for the last twelve months per October 31, 2023, amounted to USD 8.7 million, with an EBITDA of USD 4.5 million, corresponding to an EBITDA margin of 51.8 per cent.

An initial cash consideration of USD 20.5 million

The acquisition will be consummated at an initial cash consideration of USD 20.5 million, a two-year promissory note of USD 2.7 million, and performance-based payments expected to amount to USD 6.2 million in aggregate over a two-year period.

The acquisition is financed through own funds. ADDvise assesses that the acquisition will have a positive impact on ADDvise’s earnings per share during the financial year 2024, it states.

Photo of Rikard Akhtarzand, CEO: Addvise