Whalesbook
EQT Akela Bacha, Par Deal Mushkil Hai
Swedish PE firm EQT ab OmniActive Health Technologies ke liye ek hi potential buyer reh gaya hai. Kyunki ek competing offer, jismein Temasek aur Novo Holdings the, woh reject ho gaya. Toh EQT ki bargaining position toh mazboot hai, par deal mein ek 'valuation gap' – matlab price ka bada fark – aa raha hai.
Shuru mein OmniActive ki value lagbhag $1 billion pakdi jaa rahi thi, par jo group offer de raha tha, woh company ko $660 million se $700 million ke beech value kar rahe the. Yeh gap kaafi bada hai, jo dikhata hai ki shayad OmniActive ki value utni nahi hai jitni pehle lag rahi thi, aur EQT ko discount mil sakta hai.
Nutraceutical Market Ke Baare Mein Aur OmniActive Ka Price
Yeh nutraceutical market, jismein vitamins aur supplements aate hain, toh badh raha hai. Global market $105.15 billion (2024) se $136.13 billion (2029) tak jaane ka estimate hai. India bhi ismein achha hissa rakhta hai. Aam taur par, is sector mein companies ko unke EBITDA ka 11.2 times tak mil jaata hai. OmniActive ne FY25 mein lagbhag $98.6 million revenue report kiya hai. Industry badh rahi hai, par OmniActive ke liye buyers ka interest kam lag raha hai, jo price difference se pata chalta hai.
US Trade Rules Aur FDA Ka Scrutiny Price Ko Dabate Hue
Ek bada reason jiski wajah se OmniActive ka valuation kam lag raha hai, woh hai uska US mein bada export business. US Food and Drug Administration (FDA) aur Federal Trade Commission (FTC) yahaan dietary supplements ko control karte hain. Labeling, advertising aur manufacturing ke strict rules follow karne padte hain. Recent changes jaise ki imported goods ke liye $800 ki de minimis exemption ka khatam hona, duties aur inspection delays badha sakta hai. Trade disputes ya "tariff wars" bhi uncertainty badhate hain. Yeh sab cheezein compliance challenges aur future revenue ke liye risk create karti hain.
TA Associates Ka Pehle Ka Deal Aur Valuation
OmniActive Health Technologies ko Sanjaya Mariwala ne shuru kiya tha. Abhi ismein majority stake US PE firm TA Associates ke paas hai, jinhone January 2021 mein company ka lagbhag 60% stake $150 million mein khareeda tha. Us deal mein company ki valuation lagbhag $250 million thi, jo aaj ke expectations se kaafi kam hai.
Deal Ka Future Abhi Uncertain Hai
EQT aur TA Associates ke beech baatcheet chal rahi hai. Deal ka future abhi uncertain hai. EQT shayad kam price par deal kar le, ya TA Associates koi aur buyer dhoondhe. Sab EQT ke assessment par depend karega ki woh risks ko kaise dekhte hain, aur TA Associates price kam karne ko kitne willing hain.