Invalda, one of the largest Lithuanian investment companies, will receive a total of 91.4 million EUR (315.7 million LTL) for the sale of Sanitas’ shares. Canadian company Valeant Pharmaceuticals International had already paid 83 million EUR (286.7 million LTL) for 26.5 percent Sanitas’ shares, while the remaining money will reach Invalda by adjusting the transaction price of the other deal concluded in 2008.
The preliminary net profit in the standalone financial statements of Invalda is 59.7 million EUR (206.1 million LTL) and consolidated financial statements – 54.9 million EUR (189.5 million LTL).
“In terms of the profit – this is one of the most successful transactions of Invalda. It reflects one of our typical strategies – to create regional leaders through organic growth and acquisitions. Invalda in this case acted as an active investment manager and contributed to corporate strategy and building of executives team”, – said Darius Sulnis, the president of Invalda.
From the first Invalda’s investment in Sanitas in 2003, a small local company grew more than 10 times due to the efforts of shareholders, Sanitas group’s management and all employees. The majority of revenues are received outside of Lithuania, i.e. in Poland, Russia and other Central and Eastern European markets.
“We are proud and pleased with what has been achieved – both the major and minority shareholders and managing employees of Sanitas Group gained from this transaction. Sanitas will be able to achieve even higher goals managed by the new shareholder, to whom we wish success,” – said D. Sulnis.
The transaction, when Valeant for 87.2 percent Sanitas shares have paid 273.6 million EUR (944.7 million LTL) to investment funds CVCI International, Amber Trust, Invalda and other shareholders, was closed on Friday.
Based on the enterprise value, which exceeded 360 million EUR (1.243 billion LTL), sale of Sanitas is the largest transaction in Lithuania since 2007.
According to D. Sulnis, Invalda AB will use proceeds from the transaction to cover practically all financial obligations to banks and group companies, allocating for this 106.6 million LTL (30.87 million EUR). The company is also actively looking for new investment projects.
“Probably the first contracts will be concluded in the Baltic countries and Poland, where we have the largest experience,” – said D. Sulnis.