Acquisition of Serbian distributor
Cryo-Save Group N.V. (Euronext: CRYO, ‘Cryo-Save’, or ‘the Group’), Europe’s leading adult stem cell storage bank, has acquired a 70% interest in its Serbian distributor, Life R.F. doo (‘Life R.F.’).
Cryo-Save paid an initial consideration of €2.3 million payable in cash and 30,000 Cryo-Save Group N.V. shares, with an option to acquire the remaining 30% of the shares of Life R.F. in the next 3 years.
The Group expects the acquisition to be earnings enhancing with immediate effect.
Life R.F. is the leading Serbian family stem cell bank and has been a successful distributor for Cryo-Save for many years.
Arnoud van Tulder, Chief Executive of Cryo-Save, commented:
Since its start Life R.F. has operated under the Cryo-Save brand. We are pleased to incorporate Life R.F. as a part of the Cryo-Save Group. Life R.F. has demonstrated over the years to be very successful and the market leader in Serbia.
Life R.F. its strong network amongst the country’s top gynaecologists will ensure a continuous and solid growth over the next years. We are pleased that Life R.F.’s leadership has agreed to continue to manage Life R.F. We are confident that their experience and network will benefit the Group.
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Arnoud van Tulder, Chief Executive Officer
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