• Founded in 1971, Project IV is the Lebanese market leader in manufacturing and distributing intravenous (IV) products, with a circa 50% market share
• Project IV operates state of the art facilities in the industrial zone near Beirut International Airport, and there is possibility to acquire adjacent plot of land for further expansion
• 2013 Sales and EBITDA were $5.3mn and $1.3mn respectively.
• 2014 Sales and EBITDA were $5mn and $1.2mn respectively.
• 2015 Sales and EBITDA were $5.9mn and $1.3mn respectively.
• 2016 sales and EBITDA are projected to reach $6.6m, and $1.8m respectively (27% EBITDA margin)
• 2017 sales and EBITDA are projected to reach $7.2m, and $2m respectively
• 2018 sales and EBITDA are projected to reach $7.8m, and $2.2m
• 2016 sales from the Syrian market are projected to reach 10% of turnover, and projected to grow further, since Project IV has just obtained its export license

Transaction Summary
• Project IV’s shareholders are looking for a strategic partner ready to acquire between 55% and 100% of Project IV’s shares and participate in the company’s future growth
• Project IV is free cashflow positive and can self-fund its future expansion from internally generated cashflows

5 Main Drivers for Future Growth
• Continued growth in local Lebanese demand
• Exports to Syria, where Project IV has just been fully licensed to sell its products
• Growth potential from installed capacity: Project IV has produced circa 5 million units in 2015, while total production capacity exceeds 7.5 million units and can be expanded to 10 million units
• Project IV is working of introducing several new IV products by 2017 such as: Levofloxacin, Ciprofloxacin, Linezolid, Paracetamol, and Metronidazole
• 2,000 square meters adjacent land can be acquired to expand current plant, or add new product lines while benefiting from synergies

Posted May 1, 2016

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