Due diligence in animal health for CEVA acquired by ABN Amro

Situation

• ABN AMRO was considering an LBO of leading animal health company CEVA

1. Several business lines totalling over €215 million in revenues...
2. ... encompassing over 1,300 employees (incl. 190 R&D, 482 manufacturing, 485 sales reps)

• ABN AMRO required specific market diligence

1. Market dynamics
2. R&D pipeline, industrial vision, growth strategy
3. Managerial capabilities

Bionest Contribution

• Bionest assessed the animal health market and built CEVA's strategic positioning

1. Market size, segmentation, trends, key success factors
2. CEVA SWOT analysis

• In addition, Bionest provided inputs on strategic, financial and managerial issues

1. Organization plan and potential upsides
2. Recommendations on potential acquisitions, divestitures and integration capabilities

Key Results

• Independence and strength of recommendations...
• ... based on strong industry insights and a hands-on, in-depth approach