Avicenna Holdings Limited / Juno Health Limited
Cavendish Corporate Finance is delighted to announce the successful completion of the acquisition of Avicenna Holdings Limited by Juno Health Limited. Avicenna comprises 21 pharmacies, as well as a buying group operation serving more than 1,000 independent pharmacies.
The transaction proceeded by way of a scheme of arrangement and achieved final completion on 19 September 2019.
Cavendish Corporate Finance advised the Board of Directors of Avicenna on the successful sale process, led by Michael Jewell, with Shakespeare Martineau acting as legal advisor to the Board led by Keith Spedding.
Ian Gray, Chairman of Avicenna said: “We are delighted that our shareholders have shown such strong support for this acquisition and voted overwhelmingly in favour at the general meeting. I would like to thank both Cavendish Corporate Finance and Shakespeare Martineau for their sound advice throughout this process. I’m confident that Avicenna will continue to thrive as part of Juno.”
Juno Health Chairman Richard Smith said: “Avicenna is a well-established business delivering clear benefits to its members. It is one of the most recognisable brands among independent pharmacists and extremely well respected.”
The community pharmacies will be integrated into Juno’s existing chain with the buying group continuing to be run by Salim Jetha, Avicenna CEO. Juno plan for this to become the industry-leading buying and support group for independent pharmacies across the UK. Juno have considerable experience in the sector and the combination of Avicenna resources and expertise will support the independent pharmacy sector and improve membership benefits.
Michael Jewell, Partner and Head of Healthcare at Cavendish said, “we are delighted to have assisted the Board of Directors of Avicenna in finding the right strategic buyer, recognising the value of both the retail pharmacies and the buying group / independent pharmacy support services operations of Avicenna.”
“We are delighted to partner with Bridgepoint who will help take MVF to the next level. Bridgepoint has proved to be the perfect match for MVF because they understand the company vision and culture and have the financial capability and international reach to support the continued growth of the business.
We made absolutely the right choice in appointing Cavendish. Michael Jewell and the team were instrumental in getting us the deal we wanted. I would have no hesitation in recommending them to anyone thinking about a sales process.”
I wanted to express my personal thanks to you for all your efforts in achieving a successful sale of Yorktest. I never knew how stressful and complex the sale process could be. I really do appreciate your finding a good deal in quite difficult circumstances.
The Cavendish Team, led by Michael Jewell, did an excellent job managing a well-orchestrated auction process and ensuring the smooth closing of the transaction in a timely manner. They were professional and easy to deal with throughout and committed to achieving a successful outcome for the shareholders.
Cavendish’s Exit Review allowed us to align and mobilize all stakeholders on the key priorities that have the most impact on valuation over a 6-18 month period – a very valuable exercise.
Thank you so much for your efforts and teamwork in selling RPS! Your approach and process was vital to our successful sale of the Company. In particular, the initiation of a excellent and professional process enabled us to get the actual sales process launched and resourced effectively, which facilitated the smooth initiation of selling discussions in a thorough manner.
Gordon and Mike have built a strong relationship with the shareholders over the last three years, helping us to identify the right potential strategic partner and clearly articulating the strategic rational.
The Cavendish team were of great assistance throughout the sale process and in particular finding us the most fitting acquirer, helped by their strong networks in healthcare and their understanding of the oral care market.
Cavendish were a fantastic partner for World First throughout the investment process. We were impressed with their knowledge, level of service and professionalism and we are very excited about working with FTV to realise our growth plans.
At this critical stage in the business it has been important that we make all of the right decisions along the way and appointing Cavendish was one of these key decisions. We have worked with very professional and motivated individuals in Jonathan and Duncan on various stages of the process. We look forward to working with the Cavendish team again as our business develops toward our ultimate goals.
Cavendish were a great adviser throughout the process. They knew how to handle whatever situation occurred and the team were a total pleasure to work with. Thanks to their involvement, we drew a successful conclusion to the deal.
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