adjusted to a new level after CW contract loss news
No Greencross acquisition…
but found others
EBOS IS RAISING UP TO A$250M (NZ$272M) VIA A PLACEMENT AND RETAIL OFFER TO FUND TWO BOLT-ON ACQUISITIONS ​
KEY HIGHLIGHTS
• Consistent with EBOS’ strategy of investing for growth, the Group has completed two acquisitions since the commencement of the second half of FY25:
o EBOS acquired SVS Veterinary Supplies, a leading supplier of pet medicines and other products to veterinary clinics and specialty retailers in New Zealand for upfront consideration of NZ$115 million and an earn-out of up to NZ$10 million. The upfront acquisition price represents approximately 7x EBITDA for the twelve months to 31 March 2025
o As previously announced, EBOS has acquired the remaining 10% stake in Transmedic that it did not already own for consideration of approximately A$35 million
• EBOS will raise approximately A$200 million (NZ$217 million) via an underwritten placement and will undertake a non-underwritten retail offer to raise up to A$50 million (NZ$54 million)
• Funds raised in excess of the amounts paid for the Acquisitions will provide further balance sheet capacity to fund additional future growth opportunities
• EBOS has a strong track record of frequent acquisitions and an active pipeline of potential bolt-on M&A opportunities within its core markets that it expects would be synergistic with its existing operations
• EBOS reiterates its guidance that it expects to generate underlying EBITDA of between A$575million to A$600 million in FY25, prior to any contribution from SVS
• In combination with the placement and retail offer, the Acquisitions are expected to be low single digit percentage EPS accretive in FY25 on a pro forma basis.
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Retail offer; to subscribe for up to NZ$100,000 / A$45,000, respectively, of new fully paid ordinary shares free of any brokerage, commission and transaction costs.
The maximum application size has been selected with the objective of enabling as many Eligible Shareholders as possible to apply for their pro rata share of the equity raising via the Retail Offer.
New shares to be issued under the Retail Offer will be issued at the lower of the price under the placement (NZ$36.65) and the five-day VWAP of EBOS shares traded through the NZX Main Board up to, and including, close of the Retail Offer.
