Apiam Animal Health – IPO

Chessboard is proud to announce the successful listing of Apiam Animal Health.

Chessboard acted as Corporate Adviser to the IPO which started trading on 15th December 2015.

Apiam Animal Health is a vertically integrated animal health business providing a range of products and services to support the health and well being of production animal and companion and other animal species. These products and services include: Veterinary consulting, product sales both prescription and non prescription and ancillary and support services such as genetics sourcing.

The company estimates that it will provide Veterinary services to approximately 35% of the pig industry, 50% of the beef cattle feedlot industry and 25% of the dairy cattle industry in Australia.

The company was founded in 1998 focused on the pig industry and now incorporates over 100 veterenarians, four warehouses, an 18 vehicle fleet and operates from 25 locations.

  • As part of our engagement Chessboard:
  • Provided M & A advice regarding 12 acquisitions to increase earnings to proforma FY16 to $12.09m.
  • Provided pricing advice to maximise value at IPO
  • Provided financial support during IPO process including financial modelling of the IPO
  • Arranged the $33.5 million banking facility
  • Supported management during capital raising roadshow
  • Member of the Due Diligence Committee

Our main role was to assist with Value Creation. This was done through financial structuring, pricing advice not only on the IPO but for the individual acquisitions. Overall we are proud to have provided the company support to maximise the outcome of the IPO.

Metrics include:

Implied Market Capitalisation at the Offer Price $98.5 million
Implied Enterprise Value $110.0 million
Amount raised under the Offer $40.0 million
EV/Proforma FY16 EBITDA after non controlling interest 9.1x
Offer price/Proforma FY16 forecast NPAT per share 13. x