ArchiMed announced on Monday that it had agreed to sell healthcare logistics provider Bomi Group to courier and logistics group UPS. The sale yielded a 4x return for ArchiMed’s MED Platform I, sources told PE Hub Europe.
Bomi Group, headquartered in Spino d’Adda, Italy, provides logistics services to the healthcare supply chain. These include warehousing, transport management, home care deliveries and consignment stock management.
Under ArchiMed’s wing, Bomi completed 15 acquisitions in three years and expanded its business in Europe and the Americas. “In partnership with management and the founding family, we rapidly internationalised Bomi’s exceptional expertise in healthcare logistics and applied it to a wider range of sector services,” said ArchiMed managing partner André-Michel Ballester.
Bomi attracted financial and strategic buyers, but, according to Ballester, ArchiMed and Bomi’s management saw UPS as the “logical candidate”. UPS is headquartered in Atlanta, Georgia.
ArchiMed, based in Lyon, France, acquired Bomi in 2019 via its MED Platform I fund, which reached a final close on €1.5 billion in 2020. Including the sale of Bomi, MED Platform I has realised 70 percent of its invested capital, bringing the fund’s total performance to a 2.2x multiple, or 69 percent annualised return. Before being taken private by ArchiMed, Bomi was listed on Borsa Italia’s AIM market.
Bomi’s CEO, Marco Ruini, reinvested alongside ArchiMed, with many of his management team also taking stakes in the company. “We had best-in-class growth and development support from ArchiMed,” Ruini said. In three years, the firm’s organic growth moved from six percent per annum to 18 percent per annum, he added.
More to come
ArchiMed is in the process of raising the successor fund, MED Platform II. The fund, which launched in January, has raised a “substantial” amount. It will target European and North American growth companies in the mid-cap healthcare sectors, buying majority stakes for €50 million to €1 billion. Both MED Platform funds seek to provide companies with strategic, tactical and financial resources to broaden product lines and expand into new regions, organically and through acquisitions.
In July, MED Platform II completed its first acquisition, a $1.1 billion take-private deal of neurodiagnostic devices provider Natus. ArchiMed expects the platform to complete one more investment by the end of the year.