A&D Pharma–which comprises the Sensiblu pharmacy network, drug wholesaler Mediplus and a sales&marketing firm–is a group with consolidated revenue of over EUR800 million still controlled by its founders, businessmen Walid Abboud, Roger Akoury, Ludovic Robert and Michel Eid.
Lately, there has been information that several international groups operating in the wholesale and drug retail sectors are closely considering A&D Pharma, a company that was listed on the London Stock Exchange between 2006 and 2011.
“Though A&D Pharma is constantly being eyed by various groups of investors–strategic ones, operating in areas similar with the ones we are active in, or private equity groups or investment banks–at this moment we are not in active talks with any potential investor,” said Robert Popescu, chief executive officer of A&D Pharma.
Looking at the map of wholesalers in Europe, Romania could attract the attention of groups such as Germany’s Phoenix, with annual revenue of EUR21 billion, whose expansion stopped at the Romanian borders. Asked by ZF whether they are interested in the Romanian market or in talks to acquire any Romanian company, Phoenix officials chose not to comment.
Another company that has expanded rapidly in recent years is Alliance Boots, which also arrived in Romania indirectly through Alliance Healthcare Deutschland, owner of local wholesaler Farmexpert.
“Alliance Boots never comments on market rumours and speculations. Generally speaking, the Group always considers opportunities when and where they arise on their individual merits, and within the framework of its profitable growth strategy. We continue to believe there are many global opportunities in both pharmaceutical wholesaling and health and beauty areas.
As mentioned many times by our leaders, we are actively pursuing a strategy of international expansion in new high growth markets – for example, Latin America and China,” was the answer e-mailed by Alliance Boots press office to a ZF inquiry.
In 2013, market sources said that investment fund Bridgepoint set its eyes on A&D Pharma, but the talks, held for nine months, came to nothing. Bridgepoint officials could not be contacted.
A&D Pharma shareholders, extremely discreet businessmen, sold part of the company for the first time in 2006, when they took the group on the London market and listed 34% of stock in an IPO that valued the company at EUR400 million.
At its peak, reached in October 2007, the company was valued at EUR600 million and then fell and at the delisting moment had a capitalization of EUR150 million. The founders bought back the company’s stock at 38% of the initial listing price.
In November, in an interview with ZF, Robert Popescu said investment bankers, funds or pharmaceutical companies for majority or minority stakes had approached A&D Pharma on a monthly basis. This can point to only one thing: “they are not ready to pay in Romania a price that should have a reasonable link to what they pay abroad,” said Popescu in November.
(English version by Catalina Apostoiu)