Exel acquires European pharma logistics group
Exel, one of Europe’s largest healthcare and pharmaceutical logistics operators, announced yesterday that it had acquired the Pharma Logistics Group. Pharma Logistics operates in Italy and Belgium and has established a successful business, with a number of multinational pharmaceutical and healthcare giants among its customer list. Originally established in Italy, the company now operates nine owned facilities and employs more than 350 people.
This move follows a period of acquisitive growth in the healthcare and pharmaceutical sector for Exel, including Unidock’s in Brazil, Transbeynak in Turkey (both acquired in 2003) and the Total Logistics Company headquartered in Australasia (purchased in 2001). This latest addition continues Exel’s policy of making focused, specialised acquisitions and, including other purchases made by Exel in 2003, brings its total spend to over £100 million (€140m) in the last year.
Pharma Logistics is part of the Europharma Logistics network (EPL), which includes other companies such as Healthcare Logistics in the UK, Allphar in Ireland and Logosys in Germany. If Exel wishes to continue its acquisitive growth in the sector, the EPL membership base could act as a useful ‘shopping list’.
Exel will acquire the business for an undisclosed sum, payable in cash. Pharma Logistic’s net tangible assets as at 31 December 2002 were €5m. The acquisition is expected to be earnings enhancing in its first full year, before goodwill and related charges.
