Lindahl acts as legal advisor when Swedencare AB (publ) acquire (i) the British company Nutravet (UK) Limited (”Nutravet”) and (ii) the business conducted by the US company Animal Pharmaceuticals Inc. (”Animal Pharmaceuticals”).
The purchase price for Nutravet amounts to approximately 375 MSEK and consists of a cash amount of approximately 281 MSEK and a directed new share issue of 580,769 shares in Swedencare to the seller upon closing, which is expected to take place on October 1st, 2020.
The acquisition of Animal Pharmaceuticals is structured as a business transfer and is made by a newly established US subsidiary to Swedencare, Animal Pharm Care USA, Inc. The purchase price amounts to approximately 131 MSEK with a possible additional purchase price of maximum 87 MSEK, depending on the additional purchase price the cash consideration will consist of approximately 91-178 MSEK and a directed new share issue of 251,994 shares in Swedencare to the seller upon closing, which is expected to take place on October 1st, 2020.
As part of the financing of the acquisitions, Swedencare has also carried out a directed new share issue, through a so called Accelerated Book Building, of 2,000,000 shares to institutional investors. The share issue has provided the company with gross proceeds of approximately 340 MSEK.
Swedencare develops, produces, markets, and sells premium products on the global and fast-growing market for animal health products for cats, dogs and horses. The company’s product groups are represented on approximately fifty markets around the world and are sold through subsidiaries in the Nordics, United States, France, Spain, Greece, Great Britain and Ireland and through an external distribution network. Swedencare’s share is listed on Nasdaq First North Growth Market with ticker SECARE.
Nutravet was founded in 2008 and is today Britain’s leading “exclusive-to-vet”-company which sells in-house developed products to thousands of veterinary clinics and animal hospitals. In 2017, a comprehensive cooperation was initiated with Europe’s largest veterinary care provider comprising an expansive network of clinics, hospitals and out-of-hour centers based across 11 countries. The cooperation so far has been in the UK but will start launching in other countries as well during the years to come. Nutravet’s product portfolio covers the most therapy areas in animal health care, except for dental products.
Animal Pharmaceuticals has been operating on the US veterinary market since 2003. With a wide, in-house developed, product portfolio and sales to approximately 8 500 veterinary clinics, Animal Pharmaceuticals is one of the leaders in the veterinary market in the US. The product portfolio includes a number of therapy areas of which dermatology and grooming are the main ones.
Lindahl’s team consisted of Johan Herrström, Pernilla Skoglösa, Simon Petersson (M&A) and Christian Sundén (IP). Lindahl was assisted in the acquisitions by RPC in London and Wiggin and Dana in New York, both members of the same global network as Lindahl, TerraLex.