Arseus, a multinational group of companies that provides products, services and concepts for professionals and institutions active in the healthcare sector, in Europe, North America, South America, Asia and Australia, has acquired the US based Freedom Pharmaceuticals.
Freedom Pharmaceuticals, a leading supplier of pharmaceutical raw materials, excipients, bases and capsules to independent compounding pharmacies throughout the United States, expects to achieve turnover of approximately US$ 25 million in 2013 with an EBITDA margin above the average for the Fagron Group. Fagron paid a multiple of 5.5 times EBITDA for this acquisition. Freedom Pharmaceuticals will be consolidated as of April 1, 2013.
The acquisition of Freedom Pharmaceuticals, a privately held company located in Tulsa, Oklahoma, strengthens Fagron’s global market leader ship, creates a presence throughout the United States and allows Fagron to immediately deliver extra value to its customers. Fagron is perfectly positioned to provide compounding pharmacies in the United States with innovative products and concepts, as well as value added services and training, through its offices in St Paul, MN; Aurora, CO; Scottsdale, AZ; Tucson, AZ; and Tulsa, OK. The addition of Freedom Pharmaceuticals to the existing US operations will allow Fagron to achieve clear and immediate benefits in operations, marketing and sales.
Ger van Jeveren, CEO of Arseus and Fagron said: “We are delighted that in addition to B&B Pharmaceuticals, we now welcome Freedom Pharmaceuticals to the Fagron Group. Both acquisitions play an essential role in Fagron’s strategy to strengthen our global market leadership in pharmaceutical compounding and to create a strong and nationwide presence in the United States. Due to the excellent track record and the quality of the organisation of both Freedom Pharmaceuticals and Fagron, we expect a rapid and smooth integration.
In addtion, the Executive Committee of Fagron has decided to appoint Jake Jackson, president & CEO of Freedom Pharmaceuticals, as president of Fagr on North America and a member of the Fagron Executive Committee as of January 1, 2014. ”
Jacob (Jake) Jackson, president of Freedom Pharmaceuticals said: “I am looking forward to combining forces with the Fagron Group. Fagron’s global and rapidly expanding network offers great potential to roll out successful and unique p roducts and concepts internationally. Our clients will benefit from an excellent range of more than 1.500 high quality products and services, and our employees will enjoy opportunities for further development in an international environment. Further, I look forward to the opportunity of serving as president of Fagron North America and contributing to the future growth and expansion of both Freedom Pharmaceuticals and the Fagron Group”
Freedom Pharmaceuticals was founded in 2010 in Tulsa, Oklahoma and has over 40 employees in Tulsa, OK and Tucson, AZ.
Fagron was founded in 1990 in Rotterdam (the Nether lands) by Ger van Jeveren, the current CEO of both Fagron and Arseus. In only 20 years, Fagron developed from a local player to the global market leader in pharmaceutical compounding.