EMC bought a distributor of laboratory equipment
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One of the largest Russian chains of private clinics, EMC, closed a deal in the second quarter to acquire Astra-77, a supplier of equipment and consumables for laboratories, according to the network’s IFRS report for the first half of the year.
Structure EMC “EMS-Holodko” in May became a co-owner of “Astra-77” – it began to own 33%. In June, the company’s share increased to 72%, according to the SPARK-Interfax database.
Since 1996, Astra-77 has been supplying equipment, reagents to laboratories and providing services in the field of laboratory diagnostics. Among its partners are BD, Horiba, Sysmex, Siemens Healthcare. The company’s revenue in 2021 amounted to 4.9 billion rubles, EBITDA – 1.8 billion rubles, net profit – 1.5 billion. EMC has previously cooperated with Astra-77, the report says.
Prior to EMC, the main share in Astra-77 belonged to the Cypriot Empiko Holding. After the transaction, in addition to EMC, the Cypriot Hierro Holding (18%) and Oksana Bronnikova (10%) own the company.
EMC attracted an investment loan for the deal, follows from the report. As a result of the transaction, EMC’s capital expenditures in the first half of the year quadrupled compared to January-June 2021 to €47 million. Net debt also increased by 47.9% to €254.4 million. In addition to the purchase of Astra-77, the recalculation ruble loans of the company in euro — the company reports in this currency.
EMC’s adjusted half-year revenue increased by 3.4% to €139.8 million. The company received a loss of €4 million, which is associated with a revaluation of the cost of hedging, an increase in borrowing costs and an increase in exchange rate differences due to the strengthening of the ruble.
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