Johnson Matthey announces the sale of its Health business to Altaris Capital Partners, an investment firm focused exclusively on the healthcare industry, for £325 million enterprise valueJohnson Matthey will retain approximately 30% equity stake from which it expects to realise significant additional future valueCompletion anticipated in mid-2022Johnson Matthey Plc (“JM”), a global leader in sustainable technologies, today announces that it has entered into an agreement for the sale of its Health business to Altaris Capital Partners (“Altaris”), a leading healthcare investment firm. JM’s Health business is a global developer and manufacturer of specialist and complex active pharmaceutical ingredients for pharma and biotech customers. JM announced a strategic review of the Health business in April 2021. Health will be sold for a total consideration of £325 million representing an implied transaction multiple of 9.8x underlying EBITDA of £33.0 million for the 12 months to 30th September 2021. JM will receive £150 million cash on completion and will retain approximately 30%¹ equity stake in the business, from which we expect to realise significant additional future value under Altaris’ management. An additional £50 million payment will be contingent on the achievement of certain performance targets in FY23 and FY24 and a further £50 million will be structured as a vendor loan note, which will be deferred until a future exit and will accrue interest at a rate of 8% per annum until this point, compounding quarterly. Read More