3rd Jun 2014 07:54
LONDON (Alliance News) - DCC PLC Tuesday said it has acquired Williams Medical Holdings, which supplies medical equipment and pharmaceuticals to general practitioners and primary care organisations in the UK, in a move to strengthen its healthcare division.
The FTSE 250 support services business operating in healthcare, as well as sectors including energy and technology, said it has paid cash for the acquisition based on a GBP45.0 million enterprise value, a measure of a company's value equivalent to market capitalisation plus debt, minority interest and preferred shares, less its cash.
However, no specific financial details of the deal were provided.
"The acquisition of Williams Medical represents an excellent strategic fit and another material step forward for DCC Healthcare following the acquisitions of Kent Pharma, Leonhard Lang UK and UPL over the last 15 months," Chief Executive Tommy Breen said in a statement.
DCC said that Williams' business model is similar to that of its technology division, based on telesales, e-commerce, product catalogues and key account management. DCC Vital, which falls under the company's healthcare division, is building a business focused on sales and distribution of pharmaceuticals and medical devices to the healthcare market. DCC said the acquisition gives a boost to Vital's sales and distribution network in the British and Irish healthcare markets, adding that it wants to leverage that to provide "near term" synergy opportunities, as well as strengthening the platform for further growth.
Williams has 165 employees and operates from a facility in Rhymney, South Wales. In the financial year ended July 31, 2013, Williams recorded a GBP6.0 million adjusted operating profit. DCC didn't detail the adjustments.
DCC shares were Tuesday quoted at 3,597.00 pence, up 0.1%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
DCC