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OUR ADDED VALUE & M&A TRENDS
IN THE MEDICAL & HEALTH SECTOR
BUY SIDE – FUNDRAISING – SELL SIDE
MAY 2025
2
P R I V A T E & C O N F I D E N T I A L
TABLE OF CONTENT
I. Market trends in the Medical & Health sector 03
III. Our expertise, added-value & methodology in the Medical & Health sector 13
IV. About GEREJE Corporate Finance 22
II. M&A trends in the Medical & Health sector 07
MARKET TRENDS IN
THE MEDICAL &
HEALTH SECTOR
I
4
P R I V A T E & C O N F I D E N T I A L
M&H sector growth rates by country
(2021 vs 2020)
Growth is driven by 4 main factors :
Self-medication
▪ >80% of adult use OTC medicines
Pharmaceutical industry
▪ 6% CAGR (2022-2027) ; 2021 = +40% pharmaceutical R&D expenditures vs 2010 ;
+145% vs 2000
Strong government support
▪ >70% of total health spending comes from public sources
Sources : OECD, Leem, Imis Lyon
THE GLOBAL MEDICAL & HEALTHCARE MARKET
An ageing population
▪ Between 2015 and 2050, people aged >60 will increase by 34%
5,00%
6,10%
11%
12%
16%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
16,00%
18,00%
France USA ASEAN China India
5
P R I V A T E & C O N F I D E N T I A L Source : Organisation mondiale de la santé, Deloitte
POPULAR INVESTMENT TRENDS
The sector is facing 5 main challenges :
Expanding access to health care
▪ 1/3 of the world's population has no access to medical care
Tackling environmental problems
▪ 5% of cancers are related to environmental problems (10% by 2050)
Controlling infectious diseases and preparing for epidemics
▪ +10% by 2030 vs. 2020 (+40% vs. 2000) of diseases
Taking advantage of new technologies
▪ 2021 : $34bn R&D expenditure in medical technology (vs. $23bn in 2011 vs. $40bn in 2024)
Ensure the hygiene of health care
▪ 1/4 of the world's health facilities do not have access to clean water
6
P R I V A T E & C O N F I D E N T I A L Sources : BPI France, Precedence research
Digital health market size (in $bn)
2021-2030
270
332
468
756
1354
0
200
400
600
800
1000
1200
1400
2021 2022 2023 2025 2030
AI and machine learning development
• AI will bring 45% productivity gains for medical and paramedical
professions
Increase in teleconsultations
▪ +20% vs. 2020 in the world (+184% in Europe and USA and x100 post-
pandemic)
IoT to improve patient care
▪ Global market of $94.2bn by 2026 (vs. $26.5bn in 2021)
Accelerating interoperability between different
software and health data security
MUTATION OF THE SECTOR : DIGITALIZATION
M&A TRENDS IN THE
MEDICAL & HEALTH
SECTOR
II
8
P R I V A T E & C O N F I D E N T I A L Sources : Bain & Company, GCF Research
M&A TRENDS
Deal in pharma = largest value and volume
▪ 60% of M&A deals in the M&H sector concerns the pharmaceutic industry
Consolidation of the private health services sector
▪ France : 151 M&A deals in 2021 (vs. 79 in 2019, vs. 43 in 2017, vs. 23 in 2015)
Growing appetite from investment funds
▪ Eurazeo has invested €1.6bn in this sector in 10 years (more than 70 investments)
▪ French e-health start-ups raised €930m in 2021 (x2,4 more than 2020)
M&A transactions in Europe are expanding fastest
▪ Europe broke all records in 2021, with deal count growing by 50% and disclosed value
rising 85%
▪ 30% of M&A transactions are in Europe
9
P R I V A T E & C O N F I D E N T I A L
Company Size
▪ The largest the company, the higher the multiple with key thresholds (10M revenue;
50M revenue; 100M revenue…)
Profitability
▪ EBITDA margin compared to peer may be the most important comparison criteria
when the companies’ sizes are similar
Market position
▪ A leading position within a local market improves a valuation multiple, on the other
hand, a mid-tier position will drive a lower valuation
Within the same sector, valuation multiples vary according to the size, profitability, and market
positioning of the company
M&A TRENDS – VALUATION METRICS
10
P R I V A T E & C O N F I D E N T I A L Source Mergermarket, Fusacq, GCF Research Click on the logo to access the website
TEV/EBITDA
Target
Investor(s)
Transaction value $8m €3,3bn $235m €230m
Information
IVFtech (UK) : a manufacturer of
advanced equipment for in-vitro
fertilization laboratories
ELSAN (FR): leader in private
hospitalization
Priory Group (UK) : a behavioral
health center
Vivalto Santé (FR): 3rd
largest group of private
clinics and hospitals in
France
Date Jul. 2021 Feb. 2021 Dec. 2020 Feb. 2020
More info here here here here
6,7x 11,0x 7,8x 12,8x
Waterland
NHS Services | Mental health
hospitals | Priory Healthcare 3ème Groupe de cliniques et
hôpitaux privés en France |
Vivalto Santé
AMUNDI PRIVATE EQUITY FUNDS –
Pour quels projets d'entreprise ?
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Description générée
automatiquement
RECENT TRANSACTIONS [1/3]
11
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS [2/3]
Source Mergermarket, Fusacq, GCF Research
TEV/EBITDA
Target
Investor(s)
Transaction value €500m €360m $43m €787m
Information
Laborizon (FR): medical
laboratory
INICEA (FR): 3rd largest private
psychiatric operator in France
Moria (FR) : a manufacturer of
instruments for ophthalmic
microsurgery
Fusion de Capio (SE) and
Ramsay Santé (FR) : actors
of the private hospitalization
Date Jan. 2021 Dec. 2020 Jul. 2019 Oct. 2019
More info here here here here
12,0x 13,0x 4,3x 10,4x
Espace Laborizon Centre -
Biogroup
BIOGROUP - Laboratoire
d'analyses médicales
Inicea - Myx
L'éducation Thérapeutique et
l'éducation à la Santé : ateliers
découverte
Capio très courtisé -
Acquisition |
CFNEWS
Ramsay Santé —
Wikipédia
Click on the logo to access the website
12
P R I V A T E & C O N F I D E N T I A L
RECENT TRANSACTIONS [3/3]
Date
Buyer /
Investor(s)
Target
Transaction
Value
Information
Learn
More
May.
2022
€183m Alan (FR) : health neo-insurer here
May.
2022
€21m
Implicity (FR) : remote cardiac monitoring
platform
here
Nov.
2021
€50m
Lifen (FR) : medical communication platform
that facilitates exchanges between healthcare
professionals and patients
here
Nov.
2021
€10m 360 Medics (FR) : medical search engine here
Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website
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texte, clipart
Description générée
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texte, clipart
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texte
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texte
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OUR EXPERTISE,
ADDED-VALUE &
METHODOLOGY IN
THE MEDICAL &
HEALTH SECTOR
III
14
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [1/2]
-> We focus on 8 main sectors, including the M&H industry.
-> We have a direct access to > 530 companies in this specific sector in Europe, Asia, and
internationally
1. OUR EXPERTISE & EXPERIENCE IN THE SECTOR
-> Multi-cultural team in France + Europe + Asia
-> Partner of 'Business France' (110 countries)
2. CROSS BORDER TRANSACTIONS
-> Consultant entrepreneurs = understanding of operational and strategic issues.
-> Long-term partner for your projects = creativity, responsiveness and adaptability
3. STRONG ‘ENTREPRENEURIAL’ CULTURE CLOSE TO MANAGERS
-> Privileged access to >400 investors (Cap development funds, VC, debt funds, Family
Offices) with a specific interest in this industry
4. OUR PRIVILEGED ACCESS TO STRATEGIC & FINANCIAL PLAYERS
15
P R I V A T E & C O N F I D E N T I A L
OUR EXPERTISE & ADDED VALUE [2/2]
-> CRM owner, investment platform, dealflow & M&A trends online (Link)
5. DIGITAL M&A
-> +100 transactions between €5m and €200m (Ranking Fusacq / Leaders League)
6. TRACK-RECORD
-> Acquisitions (Earn-Out, MBO, OBO, JV, etc.)
-> Financing: strengthening equity capital (investment funds and/or our ‘CLUBS DEALS’)
& optimising debt leverage (banks & bond debt funds)
7. OUR EXPERTISE IN COMPLEX STRUCTURING
-> 100% of the company is owned by the Partners
-> Confidentiality & discretion
8. INDEPENDENT & AGILE ORGANISATION
16
P R I V A T E & C O N F I D E N T I A L
Small Cap companies
~80 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Mid Cap companies
~170 companies in Europe, Asia and Worldwide -
listed in our proprietary data base
Investors
~900 investors (PE, VC, CVC, Family Offices, etc.)
with a specific interest in the sector - listed in our
proprietary data base
● ● ●
● ● ●
OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS
ARCHIMED SAS
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clipart, arts de la table
Description générée
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texte, clipart
Description générée
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Description générée
automatiquement
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17
P R I V A T E & C O N F I D E N T I A L
Fabrice LOMBARDO
Founder of GEREJE Corporate
Finance in 2008
Entrepreneur – Investor – Speaker
30 YEARS OF STRATEGIC & FINANCIAL EXPERIENCE
DRIVING SMID & LARGE-CAP COMPANIES GROWTH
➢ Strategic and Operational Commitments:
• President – SILVER, SAS variable capital 8M€: financing the build-up strategy and
digital transformation of the "Netflix" of regulatory & certification B2B training
• President – HALCYON, SAS variable capital 10M€: financing the growth of the
recurring revenue model "WaaS" (Water-as-a-Service) and the build-up strategy of a
leader in PREMIUM PURE WATER
➢ Honorary Consul of Thailand in AURA (Exequatur signed by the French President)
➢ BBA at Oxford Brookes, Grenoble Business School – Executive MBA ESSEC
➢ Speaker & Lecturer at ESSEC, EGE, EDC Paris
+150 M&A TRANSACTIONS (including 30 pre-GEREJE founding)
➢ Fundraising (Equity / Debt)
➢ External growth strategy through build-ups &
Joint-Ventures
➢ Total or partial transfer
➢ Structuring & Valuation
➢ International experience in Europe, Asia, the Middle
East and Africa
➢ Expert in 8 key sectors: Luxury & Lifestyle,
Aerospace & Defence, Education & EdTech, Medical
& Healthcare, Transport & Logistics, Telecoms,
Sustainable Technologies, Software & Financial
Services
18
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [1/2]
DEFINE a clear & ambitious strategy
-> To be attractive
1
2
BE PROACTIVE to create value
-> Approach actionable targets having a strategic ‘Fit"
3
TIME is the “essence”.
-> Set up a well-defined process and calendar
4
EDUCATE THE TARGET
-> Explain each stage, taking account of cultural differences
1
2
3
4
19
P R I V A T E & C O N F I D E N T I A L
BUY-SIDE BEST PRACTICES [2/2]
“OUT OF THE BOX” STRUCTURINGS
-> Align parties' interests which are by essence different
5
THINK about the “forward” value creation
-> Evaluate the value creation rather than costs (common BP)
6
ANTICIPATE tax and legal issues
-> Manage and monitor exchanges between lawyers and auditors
7
MOTIVATE the Managers/Shareholders who will remain on board
-> Identify the key Managers/Shareholders
8
20
P R I V A T E & C O N F I D E N T I A L
OPTIMISING AN ACQUISITION PROCESS
Option: Preparation of a "Long-List" of
potential targets according to M&A
criteria (sales, EBITDA, etc.)
Initiate contact between GEREJE and the
target(s) (without giving the name of the
client) to validate their actionability
Coordinate all advice and audits
(financial, legal, etc.)
Strategic and tactical support in the
final negotiations.
Assist in the drafting & proof-reading of
final contracts
Management of client’s questions &
requests (Q&A)
Advise on the optimal structuring
(equity / debt / mix) in the interest of
the shareholders
Preparation of a strategic and financial
note for the client
Drafting, negotiation, and signing of a
Letter of Intent (LOI)
Signing of a Reciprocal Confidentiality
Agreement (RCA)
Meeting between the target and the client
to confirm the strategic fit and the mutual
willingness to enter negotiations
Phase 1 – SELECTION &
APPROACH & RCA
Phase 2 – NEGOTIATIONS &
LOI
Phase 3 – COORDINATION &
TIMING & CLOSING
Advice right up to the signing of the
final contracts.
Optimize the coordination and thus
timing between all parties
Set-up of an electronic dataroom
21
P R I V A T E & C O N F I D E N T I A L
OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS
Phase 1 – PREPARATION
Financial analysis (past results and
business plan)
Optimize the structuring
(equity/debt/mix)
Blind Teaser online on our web
platform
In order to optimize the process, it is essential to prepare the project meticulously, explain the use of
the funds and demonstrate the positive impact on turnover and margins
Phase 2 – SELECTION &
APPROACH & LOI
Identification and approach of
candidates (”long list”)
Checking of candidates’ seriousness, e-
NDA signing, transmission of
documents
Management and optimization of
negotiations with a ”short list” of
qualified candidates
Phase 3 – COORDINATION &
TIMING & CLOSING
Optimize the discussions between all
involved parties, in particular, legal &
audit advisors of both parties
Supervision of financial audits (option)
Optimize on strategies and tactics for
final negotiations
Prepare a Strategic & Financial Note
Negotiation and signature of the Letter
of Intent (LOI), including all the key
terms of the deal
Transition to phase 2 after mutual consent
Set-up of a calendar & deadlines
Advise on the different structuring
schemes (earn out) and final review of
the documents in a M&A point of view
Prepare the executive managers for the
negotiations with the investors in Phase 2
Set-up of an electronic dataroom
ABOUT GEREJE
CORPORATE FINANCE
III
23
P R I V A T E & C O N F I D E N T I A L
In the 13th century, the Emperor Kublai Khan awarded
Marco Polo a gold tablet in the form of a long piece of
currency named « GEREGE » along with a password,
which ensured numerous privileges to the beholder.
With this golden passport, Marco Polo obtained all
necessary protections, supplies and assistance which
included horses, food and equipment for his safe return to
Venice accompanied by his immense fortune.
The GEREJE, first diplomatic passport,
ensuring safe and secure cross border
transactions, is a powerful symbol
matching perfectly our mission and goals
GEREJE team members share a common
passion in dealing with cross border
transactions and are united around the
GEREJE symbol reflecting our mind set as
well as our working philosophy.
THE "GEREJE" PHILOSOPHY
24
P R I V A T E & C O N F I D E N T I A L
We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services,
composed of a multidisciplinary team based between Europe & Asia.
Our Corporate Film
Play
with
solid
ASIA
▪ Singapore
▪ Bangkok
▪ Hong-Kong
▪ Ho Chi Minh
EUROPE
MIDDLE
EAST
ASIA
EUROPE
FRANCE
▪ Paris
▪ Lyon
▪ Nantes
DACH
▪ Geneva
▪ Zurich
▪ Vienna
PORTUGAL
▪ Lisbon
OUR WORLWIDE REACH
Fabrice LOMBARDO
Founder & CEO
Icône
LinkedIn
Antoine ALEMANY
Partner, Lisbon
Icône
LinkedIn
Icône
LinkedIn
Laurent GOBINET
Partner, Nantes
Clarisse SUN
M&A Vice President, Paris
Hugo NAOUR
M&A Associate, Paris
25
P R I V A T E & C O N F I D E N T I A L
Diane PIOUX
M&A Analyst, Paris
Patrice DUSSOL
Head of Investor Relations,
Geneva
EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS
Jean-Yves BILLON
Partner, Lyon
François LAURENT
Senior Advisor, Paris / HK
Icône
LinkedIn
Arnaud BEASSE
Senior Advisor, Vienna
Maurice LAM
Executive Director, Singapore
26
P R I V A T E & C O N F I D E N T I A L
SECTOR & GEOGRAPHIC EXPERTS
27
P R I V A T E & C O N F I D E N T I A L
OUR SYNERGETIC SERVICES OFFERING
Strategic & Financial Advisory
• Identifying the growth axis (organic, external, digital & ESG) and how to
optimise the financing
• Obtaining Grants/Subsidies/Debt financing
• Opening new markets through sales contracts (distribution, franchises, …)
Fundraising - Club Deal Growth
Capital 5 M€ - 30 M€
• Privileged access to Private Equity Funds, Venture Capital
Funds, and Private Debt Funds, as well as family & multi-
family offices
• Club Deal: access to >250 potential private investors
participating in financing opportunities & bringing
expertise to the project
M&A: Buy-side & Sell-side
Build-Up: 10 M€ - 250 M€
• Buy mandate / Acquisition / Joint - Ventures: Optimising
cross-border expansion strategies
• Partial or Total Sell mandate: Managing and optimising
to maximise the transaction price
The quality of our services relies on our 100% in-house team, which enables us to manage the entire transaction
process, thereby ensuring efficiency, confidentiality, and tangible results.
28
P R I V A T E & C O N F I D E N T I A L
OUR PROVEN METHODOLOGY
GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized
execution, enhanced by a multidisciplinary team acting under one hat.
Execution
Excellence
Dedicated Team
Proprietary research
Aligned interest
Tailor-made
End-to-end Transactions
Top-notch Reporting
Digital tools
29
P R I V A T E & C O N F I D E N T I A L
OUR RECENT TRACK RECORD
2024
Cross-border
Acquisition
2021
Acquisitions
2022
Financing
Debt/Equity
2024
Financing
Debt/Equity
Cross-border
Acquisition
2022
Cross-border
Acquisition
2023
Une image contenant
Graphique, graphisme,
Police, conception
Une image contenant
Graphique, graphisme,
Police, conception
With +100 transactions, GEREJE supports executives in optimising their growth strategy
(external, digital, organic) in France and internationally: Track record
30
P R I V A T E & C O N F I D E N T I A L
OUR REFERENCES– SMID & LARGE CAP
Click on the logos to access the website.
ALTANA
Vinci – Logos Download
Air Paris
Repeat Cashmere | Questa
Cobham
MEDIAS - Chateau
d'Esclans
Sturia, leader du
Caviar d'Aquitaine,
toutes les étapes de la
fabrication - Assiettes
Gourmandes
Achat direct de vins malbec
Cahors – Boutique officielle du
Château Lagrézette
Nos implantations - Le
réseau mondial du
Groupe BBL
Weeloy
Jakarta -
Home |
Facebook
Une nouvelle identité de
marque reflet de notre
ambition - LACROIX
Nos partenaires – Fondation
du rein
Katrina Group Latest News (SGX:1A0)
| SG investors.io
Gestal
31
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF PARTNERS
French national agency (110 countries):
- foreign investment in France
- international development of French
companies
Business France —
Wikipédia
Community of over 13,000
chairmen, directors and members
of the COMEX of SMEs/SMIs & ETIs
Cluster of + 240 VSEs, SMEs and
mid-cap industrial companies
(Pays de la Loire region)
Home page - Entreprise
DU FUTUR
360° financing offer by
entrepreneurs, for entrepreneurs:
equity, debt, M&A & CFO advice
Strategy consulting and
international development in high-
growth markets (Latin America,
Africa, Middle East, India &
Southeast Asia)
OMVEST - OPENASIA Group:
Strategic and investment advice
in Vietnam
for over 30 years
MFO ASIA, multi-family office
pour HNWI en Thaïlande
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
32
P R I V A T E & C O N F I D E N T I A L
OUR STRONG NETWORK OF CONSULTANCY FIRMS
Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
Accounting, consultancy and
auditing group
International law firm
Business law firm, based
in Nantes and Paris
Multidisciplinary business
law firm in Paris and Lyon
Advice for companies (HR,
admin, legal & finance)
33
P R I V A T E & C O N F I D E N T I A L
Thank you for the excellent work
done by the GEREJE team.
Mr. Kaci KÉBAÏLI
Founder & Chairman
TESTIMONIES
Many thanks to GEREJE for their
expertise and support throughout
this project.
M. Willian AREZKI
Private Equity
Associate
Our sincere thanks go to the GEREJE
team for their commitment and
unfailing support in this valuable
collaboration.
Mr. Alban GUYOT
Fondateur & CEO
Many thanks to the GEREJE
Corporate Finance team for their
support!
Mr. Alexandre
HEUZE
CEO AMMG Group
Click on the logos to access the website.
34
P R I V A T E & C O N F I D E N T I A L
Articles
Surveys
Apizee - Les 5 tendances de l'e-santé à suivre en 2022
Organisation mondiale de la santé - défis cruciaux pour les 10 prochaines années
Leem - Le marché mondial du médicament
Imis Lyon - L'industrie pharmaceutique : un vivier d'opportunités à l'international
Mindhealth - Levées de fonds pour les start-ups françaises dans l'e-santé
Precedence research - Digital Health Market Size, Growth, Trends, Report 2022-2030
Organisation mondiale de la santé - Rapport 2019
Deloitte - 2022 Global Health Care Outlook - Are we finally seeing the long-promised transformation?
Bain & Company - Healthcare M&A: Record-High Valuations Are Forcing Acquirers to Get Creative
PWC - M&A in Health Industries 2022
PWC - Medical & Health sector Focus France 2022
The role of government in health development
BIBLIOGRAPHY
DISCLAIMER This presentation is being distributed against the signature of a Non-Disclosure Agreement and is strictly confidential.
This presentation may not be reproduced, summarized or disclosed, in whole or in part, without the prior written authorization of GCF, and by accepting this presentation you hereby agree to be bound by
the restrictions contained herein.
This presentation is based on publicly available information and/or data provided by GCF’s client which have not been independently verified by GCF. Any estimates and projections contained herein
involve significant elements of subjective judgment and analysis, which may or may not be correct. Neither GCF nor any of its affiliates, or any of its direct or indirect shareholders, or any of its or their
respective members, employees or agents provides any guarantee or warranty (express or implied) or assumes any responsibility with respect to the authenticity, origin, validity, accuracy or
completeness of the information and data contained herein or assumes any obligation for damages, losses or costs (including, without limitation, any direct or consequential losses) resulting from any
errors or omissions in this presentation.
This presentation was prepared by GCF (GEREJE Corporate Finance) exclusively in the framework of an agreement for the benefit of its clients in connection with the possible Transaction. GCF has duly
and professionally challenged all information & data provided by our clients, including past & existing figures, assumptions of the Business Plan as well as the professionalism of the management team/
shareholders.
The economic valuations and proposed deal structuring contained in this presentation are fair and based on current market practices, which may change significantly over a short period of time.
Changes and events occurring after the date hereof may, therefore, affect the validity of the information contained in this presentation and GCF assumes no obligation to update and/or revise this
presentation or the information and data upon which it has been based.
GCF designates the companies, whilst legally they are independent entities, sharing GCF corporate identity, logo, documents, working methodology & ethical rules. All GCF offices are working as an
integrated group of companies under the governance of a written agreement for the interest of the clients. GCF legal entities are privately owned and independent structures.
GEREJE Advisory Asia Pte Ltd (Singapore) is MAS (Monetary Authority of Singapore) Exempt Corporate Finance Advisor
© Copyright 2025 GEREJE Corporate Finance. All rights reserved
More information at:
www.gerejecorpfinance.com

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GCF - Our added value in Medical & Health sector 0525.pdf

  • 1. OUR ADDED VALUE & M&A TRENDS IN THE MEDICAL & HEALTH SECTOR BUY SIDE – FUNDRAISING – SELL SIDE MAY 2025
  • 2. 2 P R I V A T E & C O N F I D E N T I A L TABLE OF CONTENT I. Market trends in the Medical & Health sector 03 III. Our expertise, added-value & methodology in the Medical & Health sector 13 IV. About GEREJE Corporate Finance 22 II. M&A trends in the Medical & Health sector 07
  • 3. MARKET TRENDS IN THE MEDICAL & HEALTH SECTOR I
  • 4. 4 P R I V A T E & C O N F I D E N T I A L M&H sector growth rates by country (2021 vs 2020) Growth is driven by 4 main factors : Self-medication ▪ >80% of adult use OTC medicines Pharmaceutical industry ▪ 6% CAGR (2022-2027) ; 2021 = +40% pharmaceutical R&D expenditures vs 2010 ; +145% vs 2000 Strong government support ▪ >70% of total health spending comes from public sources Sources : OECD, Leem, Imis Lyon THE GLOBAL MEDICAL & HEALTHCARE MARKET An ageing population ▪ Between 2015 and 2050, people aged >60 will increase by 34% 5,00% 6,10% 11% 12% 16% 0,00% 2,00% 4,00% 6,00% 8,00% 10,00% 12,00% 14,00% 16,00% 18,00% France USA ASEAN China India
  • 5. 5 P R I V A T E & C O N F I D E N T I A L Source : Organisation mondiale de la santé, Deloitte POPULAR INVESTMENT TRENDS The sector is facing 5 main challenges : Expanding access to health care ▪ 1/3 of the world's population has no access to medical care Tackling environmental problems ▪ 5% of cancers are related to environmental problems (10% by 2050) Controlling infectious diseases and preparing for epidemics ▪ +10% by 2030 vs. 2020 (+40% vs. 2000) of diseases Taking advantage of new technologies ▪ 2021 : $34bn R&D expenditure in medical technology (vs. $23bn in 2011 vs. $40bn in 2024) Ensure the hygiene of health care ▪ 1/4 of the world's health facilities do not have access to clean water
  • 6. 6 P R I V A T E & C O N F I D E N T I A L Sources : BPI France, Precedence research Digital health market size (in $bn) 2021-2030 270 332 468 756 1354 0 200 400 600 800 1000 1200 1400 2021 2022 2023 2025 2030 AI and machine learning development • AI will bring 45% productivity gains for medical and paramedical professions Increase in teleconsultations ▪ +20% vs. 2020 in the world (+184% in Europe and USA and x100 post- pandemic) IoT to improve patient care ▪ Global market of $94.2bn by 2026 (vs. $26.5bn in 2021) Accelerating interoperability between different software and health data security MUTATION OF THE SECTOR : DIGITALIZATION
  • 7. M&A TRENDS IN THE MEDICAL & HEALTH SECTOR II
  • 8. 8 P R I V A T E & C O N F I D E N T I A L Sources : Bain & Company, GCF Research M&A TRENDS Deal in pharma = largest value and volume ▪ 60% of M&A deals in the M&H sector concerns the pharmaceutic industry Consolidation of the private health services sector ▪ France : 151 M&A deals in 2021 (vs. 79 in 2019, vs. 43 in 2017, vs. 23 in 2015) Growing appetite from investment funds ▪ Eurazeo has invested €1.6bn in this sector in 10 years (more than 70 investments) ▪ French e-health start-ups raised €930m in 2021 (x2,4 more than 2020) M&A transactions in Europe are expanding fastest ▪ Europe broke all records in 2021, with deal count growing by 50% and disclosed value rising 85% ▪ 30% of M&A transactions are in Europe
  • 9. 9 P R I V A T E & C O N F I D E N T I A L Company Size ▪ The largest the company, the higher the multiple with key thresholds (10M revenue; 50M revenue; 100M revenue…) Profitability ▪ EBITDA margin compared to peer may be the most important comparison criteria when the companies’ sizes are similar Market position ▪ A leading position within a local market improves a valuation multiple, on the other hand, a mid-tier position will drive a lower valuation Within the same sector, valuation multiples vary according to the size, profitability, and market positioning of the company M&A TRENDS – VALUATION METRICS
  • 10. 10 P R I V A T E & C O N F I D E N T I A L Source Mergermarket, Fusacq, GCF Research Click on the logo to access the website TEV/EBITDA Target Investor(s) Transaction value $8m €3,3bn $235m €230m Information IVFtech (UK) : a manufacturer of advanced equipment for in-vitro fertilization laboratories ELSAN (FR): leader in private hospitalization Priory Group (UK) : a behavioral health center Vivalto Santé (FR): 3rd largest group of private clinics and hospitals in France Date Jul. 2021 Feb. 2021 Dec. 2020 Feb. 2020 More info here here here here 6,7x 11,0x 7,8x 12,8x Waterland NHS Services | Mental health hospitals | Priory Healthcare 3ème Groupe de cliniques et hôpitaux privés en France | Vivalto Santé AMUNDI PRIVATE EQUITY FUNDS – Pour quels projets d'entreprise ? Une image contenant texte Description générée automatiquement RECENT TRANSACTIONS [1/3]
  • 11. 11 P R I V A T E & C O N F I D E N T I A L RECENT TRANSACTIONS [2/3] Source Mergermarket, Fusacq, GCF Research TEV/EBITDA Target Investor(s) Transaction value €500m €360m $43m €787m Information Laborizon (FR): medical laboratory INICEA (FR): 3rd largest private psychiatric operator in France Moria (FR) : a manufacturer of instruments for ophthalmic microsurgery Fusion de Capio (SE) and Ramsay Santé (FR) : actors of the private hospitalization Date Jan. 2021 Dec. 2020 Jul. 2019 Oct. 2019 More info here here here here 12,0x 13,0x 4,3x 10,4x Espace Laborizon Centre - Biogroup BIOGROUP - Laboratoire d'analyses médicales Inicea - Myx L'éducation Thérapeutique et l'éducation à la Santé : ateliers découverte Capio très courtisé - Acquisition | CFNEWS Ramsay Santé — Wikipédia Click on the logo to access the website
  • 12. 12 P R I V A T E & C O N F I D E N T I A L RECENT TRANSACTIONS [3/3] Date Buyer / Investor(s) Target Transaction Value Information Learn More May. 2022 €183m Alan (FR) : health neo-insurer here May. 2022 €21m Implicity (FR) : remote cardiac monitoring platform here Nov. 2021 €50m Lifen (FR) : medical communication platform that facilitates exchanges between healthcare professionals and patients here Nov. 2021 €10m 360 Medics (FR) : medical search engine here Source Mergermarket, Fusacq, GCF Research, MBA Capital Click on the logo to access the website Une image contenant texte, clipart Description générée Une image contenant texte, clipart Une image contenant texte Une image contenant texte Description générée
  • 13. OUR EXPERTISE, ADDED-VALUE & METHODOLOGY IN THE MEDICAL & HEALTH SECTOR III
  • 14. 14 P R I V A T E & C O N F I D E N T I A L OUR EXPERTISE & ADDED VALUE [1/2] -> We focus on 8 main sectors, including the M&H industry. -> We have a direct access to > 530 companies in this specific sector in Europe, Asia, and internationally 1. OUR EXPERTISE & EXPERIENCE IN THE SECTOR -> Multi-cultural team in France + Europe + Asia -> Partner of 'Business France' (110 countries) 2. CROSS BORDER TRANSACTIONS -> Consultant entrepreneurs = understanding of operational and strategic issues. -> Long-term partner for your projects = creativity, responsiveness and adaptability 3. STRONG ‘ENTREPRENEURIAL’ CULTURE CLOSE TO MANAGERS -> Privileged access to >400 investors (Cap development funds, VC, debt funds, Family Offices) with a specific interest in this industry 4. OUR PRIVILEGED ACCESS TO STRATEGIC & FINANCIAL PLAYERS
  • 15. 15 P R I V A T E & C O N F I D E N T I A L OUR EXPERTISE & ADDED VALUE [2/2] -> CRM owner, investment platform, dealflow & M&A trends online (Link) 5. DIGITAL M&A -> +100 transactions between €5m and €200m (Ranking Fusacq / Leaders League) 6. TRACK-RECORD -> Acquisitions (Earn-Out, MBO, OBO, JV, etc.) -> Financing: strengthening equity capital (investment funds and/or our ‘CLUBS DEALS’) & optimising debt leverage (banks & bond debt funds) 7. OUR EXPERTISE IN COMPLEX STRUCTURING -> 100% of the company is owned by the Partners -> Confidentiality & discretion 8. INDEPENDENT & AGILE ORGANISATION
  • 16. 16 P R I V A T E & C O N F I D E N T I A L Small Cap companies ~80 companies in Europe, Asia and Worldwide - listed in our proprietary data base Mid Cap companies ~170 companies in Europe, Asia and Worldwide - listed in our proprietary data base Investors ~900 investors (PE, VC, CVC, Family Offices, etc.) with a specific interest in the sector - listed in our proprietary data base ● ● ● ● ● ● OUR DIRECT ACCESS TO FINANCIAL AND STRATEGIC PLAYERS ARCHIMED SAS Une image contenant texte, clipart, arts de la table Description générée Une image contenant texte, clipart Description générée Une image contenant texte, clipart Description générée automatiquement Une image contenant texte
  • 17. 17 P R I V A T E & C O N F I D E N T I A L Fabrice LOMBARDO Founder of GEREJE Corporate Finance in 2008 Entrepreneur – Investor – Speaker 30 YEARS OF STRATEGIC & FINANCIAL EXPERIENCE DRIVING SMID & LARGE-CAP COMPANIES GROWTH ➢ Strategic and Operational Commitments: • President – SILVER, SAS variable capital 8M€: financing the build-up strategy and digital transformation of the "Netflix" of regulatory & certification B2B training • President – HALCYON, SAS variable capital 10M€: financing the growth of the recurring revenue model "WaaS" (Water-as-a-Service) and the build-up strategy of a leader in PREMIUM PURE WATER ➢ Honorary Consul of Thailand in AURA (Exequatur signed by the French President) ➢ BBA at Oxford Brookes, Grenoble Business School – Executive MBA ESSEC ➢ Speaker & Lecturer at ESSEC, EGE, EDC Paris +150 M&A TRANSACTIONS (including 30 pre-GEREJE founding) ➢ Fundraising (Equity / Debt) ➢ External growth strategy through build-ups & Joint-Ventures ➢ Total or partial transfer ➢ Structuring & Valuation ➢ International experience in Europe, Asia, the Middle East and Africa ➢ Expert in 8 key sectors: Luxury & Lifestyle, Aerospace & Defence, Education & EdTech, Medical & Healthcare, Transport & Logistics, Telecoms, Sustainable Technologies, Software & Financial Services
  • 18. 18 P R I V A T E & C O N F I D E N T I A L BUY-SIDE BEST PRACTICES [1/2] DEFINE a clear & ambitious strategy -> To be attractive 1 2 BE PROACTIVE to create value -> Approach actionable targets having a strategic ‘Fit" 3 TIME is the “essence”. -> Set up a well-defined process and calendar 4 EDUCATE THE TARGET -> Explain each stage, taking account of cultural differences 1 2 3 4
  • 19. 19 P R I V A T E & C O N F I D E N T I A L BUY-SIDE BEST PRACTICES [2/2] “OUT OF THE BOX” STRUCTURINGS -> Align parties' interests which are by essence different 5 THINK about the “forward” value creation -> Evaluate the value creation rather than costs (common BP) 6 ANTICIPATE tax and legal issues -> Manage and monitor exchanges between lawyers and auditors 7 MOTIVATE the Managers/Shareholders who will remain on board -> Identify the key Managers/Shareholders 8
  • 20. 20 P R I V A T E & C O N F I D E N T I A L OPTIMISING AN ACQUISITION PROCESS Option: Preparation of a "Long-List" of potential targets according to M&A criteria (sales, EBITDA, etc.) Initiate contact between GEREJE and the target(s) (without giving the name of the client) to validate their actionability Coordinate all advice and audits (financial, legal, etc.) Strategic and tactical support in the final negotiations. Assist in the drafting & proof-reading of final contracts Management of client’s questions & requests (Q&A) Advise on the optimal structuring (equity / debt / mix) in the interest of the shareholders Preparation of a strategic and financial note for the client Drafting, negotiation, and signing of a Letter of Intent (LOI) Signing of a Reciprocal Confidentiality Agreement (RCA) Meeting between the target and the client to confirm the strategic fit and the mutual willingness to enter negotiations Phase 1 – SELECTION & APPROACH & RCA Phase 2 – NEGOTIATIONS & LOI Phase 3 – COORDINATION & TIMING & CLOSING Advice right up to the signing of the final contracts. Optimize the coordination and thus timing between all parties Set-up of an electronic dataroom
  • 21. 21 P R I V A T E & C O N F I D E N T I A L OUR TAILOR-MADE FUNDRAISING & SELL-SIDE PROCESS Phase 1 – PREPARATION Financial analysis (past results and business plan) Optimize the structuring (equity/debt/mix) Blind Teaser online on our web platform In order to optimize the process, it is essential to prepare the project meticulously, explain the use of the funds and demonstrate the positive impact on turnover and margins Phase 2 – SELECTION & APPROACH & LOI Identification and approach of candidates (”long list”) Checking of candidates’ seriousness, e- NDA signing, transmission of documents Management and optimization of negotiations with a ”short list” of qualified candidates Phase 3 – COORDINATION & TIMING & CLOSING Optimize the discussions between all involved parties, in particular, legal & audit advisors of both parties Supervision of financial audits (option) Optimize on strategies and tactics for final negotiations Prepare a Strategic & Financial Note Negotiation and signature of the Letter of Intent (LOI), including all the key terms of the deal Transition to phase 2 after mutual consent Set-up of a calendar & deadlines Advise on the different structuring schemes (earn out) and final review of the documents in a M&A point of view Prepare the executive managers for the negotiations with the investors in Phase 2 Set-up of an electronic dataroom
  • 23. 23 P R I V A T E & C O N F I D E N T I A L In the 13th century, the Emperor Kublai Khan awarded Marco Polo a gold tablet in the form of a long piece of currency named « GEREGE » along with a password, which ensured numerous privileges to the beholder. With this golden passport, Marco Polo obtained all necessary protections, supplies and assistance which included horses, food and equipment for his safe return to Venice accompanied by his immense fortune. The GEREJE, first diplomatic passport, ensuring safe and secure cross border transactions, is a powerful symbol matching perfectly our mission and goals GEREJE team members share a common passion in dealing with cross border transactions and are united around the GEREJE symbol reflecting our mind set as well as our working philosophy. THE "GEREJE" PHILOSOPHY
  • 24. 24 P R I V A T E & C O N F I D E N T I A L We are an independent M&A firm with an “entrepreneurial” culture, providing both strategic and financial advisory services, composed of a multidisciplinary team based between Europe & Asia. Our Corporate Film Play with solid ASIA ▪ Singapore ▪ Bangkok ▪ Hong-Kong ▪ Ho Chi Minh EUROPE MIDDLE EAST ASIA EUROPE FRANCE ▪ Paris ▪ Lyon ▪ Nantes DACH ▪ Geneva ▪ Zurich ▪ Vienna PORTUGAL ▪ Lisbon OUR WORLWIDE REACH
  • 25. Fabrice LOMBARDO Founder & CEO Icône LinkedIn Antoine ALEMANY Partner, Lisbon Icône LinkedIn Icône LinkedIn Laurent GOBINET Partner, Nantes Clarisse SUN M&A Vice President, Paris Hugo NAOUR M&A Associate, Paris 25 P R I V A T E & C O N F I D E N T I A L Diane PIOUX M&A Analyst, Paris Patrice DUSSOL Head of Investor Relations, Geneva EXECUTION TEAM ENSURING THE QUALITY OF THE DOCUMENTS Jean-Yves BILLON Partner, Lyon
  • 26. François LAURENT Senior Advisor, Paris / HK Icône LinkedIn Arnaud BEASSE Senior Advisor, Vienna Maurice LAM Executive Director, Singapore 26 P R I V A T E & C O N F I D E N T I A L SECTOR & GEOGRAPHIC EXPERTS
  • 27. 27 P R I V A T E & C O N F I D E N T I A L OUR SYNERGETIC SERVICES OFFERING Strategic & Financial Advisory • Identifying the growth axis (organic, external, digital & ESG) and how to optimise the financing • Obtaining Grants/Subsidies/Debt financing • Opening new markets through sales contracts (distribution, franchises, …) Fundraising - Club Deal Growth Capital 5 M€ - 30 M€ • Privileged access to Private Equity Funds, Venture Capital Funds, and Private Debt Funds, as well as family & multi- family offices • Club Deal: access to >250 potential private investors participating in financing opportunities & bringing expertise to the project M&A: Buy-side & Sell-side Build-Up: 10 M€ - 250 M€ • Buy mandate / Acquisition / Joint - Ventures: Optimising cross-border expansion strategies • Partial or Total Sell mandate: Managing and optimising to maximise the transaction price The quality of our services relies on our 100% in-house team, which enables us to manage the entire transaction process, thereby ensuring efficiency, confidentiality, and tangible results.
  • 28. 28 P R I V A T E & C O N F I D E N T I A L OUR PROVEN METHODOLOGY GEREJE is recognized for the quality of its documents (strategic & financial analysis) based on personalized execution, enhanced by a multidisciplinary team acting under one hat. Execution Excellence Dedicated Team Proprietary research Aligned interest Tailor-made End-to-end Transactions Top-notch Reporting Digital tools
  • 29. 29 P R I V A T E & C O N F I D E N T I A L OUR RECENT TRACK RECORD 2024 Cross-border Acquisition 2021 Acquisitions 2022 Financing Debt/Equity 2024 Financing Debt/Equity Cross-border Acquisition 2022 Cross-border Acquisition 2023 Une image contenant Graphique, graphisme, Police, conception Une image contenant Graphique, graphisme, Police, conception With +100 transactions, GEREJE supports executives in optimising their growth strategy (external, digital, organic) in France and internationally: Track record
  • 30. 30 P R I V A T E & C O N F I D E N T I A L OUR REFERENCES– SMID & LARGE CAP Click on the logos to access the website. ALTANA Vinci – Logos Download Air Paris Repeat Cashmere | Questa Cobham MEDIAS - Chateau d'Esclans Sturia, leader du Caviar d'Aquitaine, toutes les étapes de la fabrication - Assiettes Gourmandes Achat direct de vins malbec Cahors – Boutique officielle du Château Lagrézette Nos implantations - Le réseau mondial du Groupe BBL Weeloy Jakarta - Home | Facebook Une nouvelle identité de marque reflet de notre ambition - LACROIX Nos partenaires – Fondation du rein Katrina Group Latest News (SGX:1A0) | SG investors.io Gestal
  • 31. 31 P R I V A T E & C O N F I D E N T I A L OUR STRONG NETWORK OF PARTNERS French national agency (110 countries): - foreign investment in France - international development of French companies Business France — Wikipédia Community of over 13,000 chairmen, directors and members of the COMEX of SMEs/SMIs & ETIs Cluster of + 240 VSEs, SMEs and mid-cap industrial companies (Pays de la Loire region) Home page - Entreprise DU FUTUR 360° financing offer by entrepreneurs, for entrepreneurs: equity, debt, M&A & CFO advice Strategy consulting and international development in high- growth markets (Latin America, Africa, Middle East, India & Southeast Asia) OMVEST - OPENASIA Group: Strategic and investment advice in Vietnam for over 30 years MFO ASIA, multi-family office pour HNWI en Thaïlande Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link
  • 32. 32 P R I V A T E & C O N F I D E N T I A L OUR STRONG NETWORK OF CONSULTANCY FIRMS Committed partner of the Association Enfant Bleu Lyon – Enfance Maltraitée: Link Accounting, consultancy and auditing group International law firm Business law firm, based in Nantes and Paris Multidisciplinary business law firm in Paris and Lyon Advice for companies (HR, admin, legal & finance)
  • 33. 33 P R I V A T E & C O N F I D E N T I A L Thank you for the excellent work done by the GEREJE team. Mr. Kaci KÉBAÏLI Founder & Chairman TESTIMONIES Many thanks to GEREJE for their expertise and support throughout this project. M. Willian AREZKI Private Equity Associate Our sincere thanks go to the GEREJE team for their commitment and unfailing support in this valuable collaboration. Mr. Alban GUYOT Fondateur & CEO Many thanks to the GEREJE Corporate Finance team for their support! Mr. Alexandre HEUZE CEO AMMG Group Click on the logos to access the website.
  • 34. 34 P R I V A T E & C O N F I D E N T I A L Articles Surveys Apizee - Les 5 tendances de l'e-santé à suivre en 2022 Organisation mondiale de la santé - défis cruciaux pour les 10 prochaines années Leem - Le marché mondial du médicament Imis Lyon - L'industrie pharmaceutique : un vivier d'opportunités à l'international Mindhealth - Levées de fonds pour les start-ups françaises dans l'e-santé Precedence research - Digital Health Market Size, Growth, Trends, Report 2022-2030 Organisation mondiale de la santé - Rapport 2019 Deloitte - 2022 Global Health Care Outlook - Are we finally seeing the long-promised transformation? Bain & Company - Healthcare M&A: Record-High Valuations Are Forcing Acquirers to Get Creative PWC - M&A in Health Industries 2022 PWC - Medical & Health sector Focus France 2022 The role of government in health development BIBLIOGRAPHY
  • 35. DISCLAIMER This presentation is being distributed against the signature of a Non-Disclosure Agreement and is strictly confidential. This presentation may not be reproduced, summarized or disclosed, in whole or in part, without the prior written authorization of GCF, and by accepting this presentation you hereby agree to be bound by the restrictions contained herein. This presentation is based on publicly available information and/or data provided by GCF’s client which have not been independently verified by GCF. Any estimates and projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be correct. Neither GCF nor any of its affiliates, or any of its direct or indirect shareholders, or any of its or their respective members, employees or agents provides any guarantee or warranty (express or implied) or assumes any responsibility with respect to the authenticity, origin, validity, accuracy or completeness of the information and data contained herein or assumes any obligation for damages, losses or costs (including, without limitation, any direct or consequential losses) resulting from any errors or omissions in this presentation. This presentation was prepared by GCF (GEREJE Corporate Finance) exclusively in the framework of an agreement for the benefit of its clients in connection with the possible Transaction. GCF has duly and professionally challenged all information & data provided by our clients, including past & existing figures, assumptions of the Business Plan as well as the professionalism of the management team/ shareholders. The economic valuations and proposed deal structuring contained in this presentation are fair and based on current market practices, which may change significantly over a short period of time. Changes and events occurring after the date hereof may, therefore, affect the validity of the information contained in this presentation and GCF assumes no obligation to update and/or revise this presentation or the information and data upon which it has been based. GCF designates the companies, whilst legally they are independent entities, sharing GCF corporate identity, logo, documents, working methodology & ethical rules. All GCF offices are working as an integrated group of companies under the governance of a written agreement for the interest of the clients. GCF legal entities are privately owned and independent structures. GEREJE Advisory Asia Pte Ltd (Singapore) is MAS (Monetary Authority of Singapore) Exempt Corporate Finance Advisor © Copyright 2025 GEREJE Corporate Finance. All rights reserved