Rochester Medical acquired by C. R. Bard: fairness opinion
Announced November 13, 2013 · Merger ·
DEFM14A filed October 11, 2013
Enterprise value
$262M
EV / LTM EBITDA
13.1x
EBITDA $20.0M · 25% margin
EV / LTM revenue
3.25x
revenue $80.8M
DCF discount rate
16.4%–18.6%
Deal terms
Consideration—
Price per share—
Premium—
Premium basis—
StructureMerger
Termination fee—
Reverse termination fee—
Go-shopNone
Outside date—
FilingDEFM14A · EDGAR index
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Management projections
| Projection year | Year 1 | CAGR |
|---|---|---|
| Revenue | $99.1M | — |
| Revenue growth | 22.6% | |
| EBITDA | $29.1M | — |
| EBITDA growth | 45.5% | |
| EBITDA margin | 29% | |
| Implied EV / EBITDA | 9.0x |
Year-1 growth is against LTM at announcement ($80.8M revenue, $20.0M EBITDA); later years are year over year.
Other Medical Devices and Supplies fairness opinions
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- Conceptus / Bayer HealthCare 2013 · 28.0x EV/EBITDA
- CareFusion / Becton Dickinson 2014 · 13.0x EV/EBITDA
- Covidien / Medtronic 2014 · 17.5x EV/EBITDA
- Symmetry Medical OEMS Business / Tecomet 2014 · 8.5x EV/EBITDA