Wednesday 25 September 2019 Hospitals and healthcare facilities
Signed a binding agreement to acquire the Polish company Naprzod, taking a new step in the Group’s path to internationalization
Acquired 80% of the shareholders’ equity of Naprzod SA, the Polish leader in the health care facility management sector. As a result, Rekeep’s international growth intensifies after the first positive outcomes in France and Turkey: the acquisition enables the Group to exceed 10% of its total revenues generated abroad for the fiscal year 2019.
Rekeep has signed a contract for the acquisition of 80% of the shareholders’ equity of Naprzod SA, the Polish leader in the health care facility management sector, from the holding company owned by the four founders.
The purchase price is of approximately 18.3 million Euro for 80% of the equity, which will be partially paid with cash on hand (i.e. 10.1 million Euro) at the closing, expected to occur by the end of October 2019, and with a second tranche (i.e. 8.2 million Euro) to be paid 12 months after the closing of the transaction.
Radoslaw Maraszek, Naprzod’s current CEO, will retain a 20% stake in the Company as well as his position as CEO.
As a result, Rekeep’s international growth intensifies after the first positive outcomes in France and Turkey: the acquisition of Naprzod, in 2019, enables the Group to exceed 10% of its total revenues generated abroad for the fiscal year 2019, therefore consolidating the goal of geographical diversification, through contract awards and local partnerships with enterprises whose management is well recognized in each country, and strengthening the positioning in the health care market.
As of 31 December 2018, Naprzod reported Revenues of 92 million Euro, EBITDA of 6.3 million Euro and Net Profits of 1.9 million Euro, with a Compounded Average Growth Rate (CAGR) of 28% in the three year period 2015 - 2018. The group also employs a workforce of approximately 8,000 employees.
Naprzod mainly operates in the healthcare sector providing: facility management services in particular cleaning and disinfection, including hospital specialized services for the maintenance of areas and medical instruments, and assistance to patients in the setup of beds, transportation, operations and medical procedures; catering services such a meal preparation and distribution to patients, and management of hospital cafeterias; medical transportation services including outsourcing, ambulance rentals, security during mass events, and transportation of disabled people.
"Naprzod is the Polish leader in the facility management sector, a fast-growing market, and operates mainly in the healthcare and public segments, with dynamics comparable to Rekeep’s own dynamics. This is a win-win transaction for both Groups, a key prospect for future development already in the medium term, which proves, once more, our determination in pursuing a strategy aimed at confirming Rekeep’s increasingly significant role as an international player" – commented Giuliano Di Bernardo, Chairman and Chief Executive Officer of Rekeep S.p.A.
The closing of the transaction is conditional upon the satisfaction of a number of conditions precedent, including obtaining the clearance from the Polish Office of Competition and Consumer Protection (UoKiK).