Wilmington plc announced at the end of April that it has sold its French healthcare business, APM, for an enterprise value of €26 million in cash, subject to customary working capital adjustments, to Philia Medical Editions SAS, a subsidiary of Europa Group.
For the year ended 30 June 2023, APM had gross assets of €9.6 million and reported a profit before tax of €2.3 million. The proceeds of the sale will be used for general corporate purposes, added the company.
Mark Milner, chief executive officer of Wilmington, said: "This sale reflects our continued and active management of our portfolio as we assess the potential of each business to exhibit the six common Wilmington characteristics that we recognise as key drivers of organic revenue growth and profitability improvement."
Marc Doncieux, chairman and co-founder of Europa Group, said: "APM's entry into Europa Group is a major asset in consolidating our position as the French leader in training and health information. APM is a key player in our market, whose reputation for excellence and independence is perfectly in line with Europa Group's global strategy. We are delighted to welcome them on board!"
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