EN – Press release TBCCB acquisition
Acquisition of distributor
Cryo-Save Group N.V. (Euronext: CRYO, ‘Cryo-Save’, or ‘the Group’), Europe’s leading adult stem cell storage bank, has acquired its Bulgarian distributor, Tissue Bank Cryo Center Bulgaria AD (‘TBCCB’) for an initial consideration of €1.5 million payable in cash and 100,000 Cryo-Save Group N.V. shares, and a deferred performance payment, payable annually on the achievement of certain goals until 2013. The total acquisition price reflects approximately five times EBIT of TBCCB. The Group expects the acquisition to be earnings enhancing with immediate effect.
TBCCB is the leading company for private stem cell banking in Bulgaria and has been a reliable distributor for Cryo-Save for many years. TBCCB has a strong network among Bulgarian hospitals and gynaecologists and is already operating successfully under the Cryo-Save brand.
Arnoud van Tulder, Chief Executive officer, commented:
TBCCB has been a loyal Cryo-Save distributor for many years, so we are pleased to welcome it formally into our Group. This acquisition fits perfectly with our strategy and strengthens our leading position in Eastern Europe, one of our fastest growing markets. TBCCB also provides us with an excellent platform in Bulgaria for new products such as Cryo-Lip®. We are pleased that TBCCB’s management will be remaining with us and we are confident that their ideas and experience will benefit Cryo-Save.
+ 31 (0)575 548998
Arnoud van Tulder, Chief Executive Officer
SPJ Financiële Communicatie (The Netherlands)
+ 31 (0)20 647 8181
Kees Jongsma/Léon Melens
Daniel Stewart & Company plc
+ 44 (0) 20 7776 6550
College Hill (UK)
+ 44 (0) 20 7457 2020
Adrian Duffield/Rozi Morris
Free footage is available on www.videobankonline.com.