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- Hippocrates
Hippocrates Acquisition, Valuation, Funding & Investors
Hippocrates was acquired by Antin Infrastructure Partners for $810M in November 2020, a 3.5x multiple on $230M of revenue.
Hippocrates revenue at acquisition
$230M
Last twelve months · Nov 2020
Hippocrates revenue multiple at acquisition
3.5x
EV/Revenue · Nov 2020
Hippocrates EBITDA multiple at acquisition
17.6x
EV/EBITDA · Nov 2020
About Hippocrates
Hippocrates is a Milan-headquartered operator of a pharmacy network spanning central and northern Italy. The company manages over 120 owned outlets offering prescription drugs, over-the-counter medications, and health products with home delivery options. It applies industrial-scale logistics for inventory management and digital ordering systems to enhance customer access in urban and suburban areas. Founded in 2018, Hippocrates expands through acquisitions and partnerships with regional chains.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$230M (Nov 2020)
Valuation
$810M (acquired Nov 2020)
Sectors
Hippocrates Acquisition
Hippocrates was acquired by Antin Infrastructure Partners for $810M on 23 November 2020.
The acquisition price implies a 3.5x revenue and 17.6x EBITDA multiple on $230M of revenue.
Before the acquisition Hippocrates had raised $1M across 1 funding round.
Hippocrates is a leading Italian independent pharmacy platform founded in 2018 by co-CEOs Davide Tavaniello and Rodolfo Guarino, operating a network of over 120 pharmacies across northern and central Italy. Antin Infrastructure Partners, a Paris-based infrastructure private equity firm, announced the acquisition of an 80% majority stake in Hippocrates on December 15, 2020, with closing expected in Q1 2021. The transaction valued Hippocrates at an enterprise value of €600-700 million, with both founders remaining as co-CEOs and reinvesting in the business alongside continuing Italian shareholders. Antin's investment in Hippocrates, completed in February 2021, reflected the firm's focus on social infrastructure and proximity healthcare, positioning the pharmacy network to capitalize on substantial growth opportunities in the Italian healthcare sector with Antin's support and long-term investment commitment.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 23 Nov 2020 | PE buyout | $810M | 3.5x | 17.6x |
Hippocrates Funding History
Hippocrates has raised a total of $1M across 1 funding round.
Hippocrates funding rounds
| Date | Stage | Investors | Raised |
|---|---|---|---|
| Jan 2021 | Seed | Antin Infrastructure Partners (lead); La Finanziaria Trentina | $1M |
Who has invested in Hippocrates?
2 investors have backed Hippocrates across its funding rounds, including Antin Infrastructure Partners and La Finanziaria Trentina.
Lead investors include Antin Infrastructure Partners.
Hippocrates Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions by Hippocrates
Hippocrates has acquired 2 companies to date.
Last acquisition by Hippocrates was on October 29th 2021. Hippocrates acquired Top Farmacia for undisclosed valuation.
Latest Acquisitions by Hippocrates
| Description | Top Farmacia is an Italy-based e-commerce platform specializing in pharmaceuticals, health supplements, personal care, and hygiene products. Launched in 2010, it stocks over 50,000 items from brands like Aboca, Arkopharma, and named generics, offering nationwide delivery with same-day shipping from Milan warehouses. The site features prescription fulfillment, beauty tools, baby care essentials, and veterinary medicines, serving residential customers across Italy with secure payment options. | - |
| HQ Country | ||
| HQ City | Piacenza | - |
| Deal Date | 29 Oct 2021 | 25 Jun 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Hippocrates acquisitions and their M&A valuation multiples. Start Free Trial | ||
Hippocrates Competitors
Hippocrates competitors include listed companies like Apotea, Medplus Health Services, Aldawaa Medical Services and Anhui Huaren Health, and private ones like Pague Menos Pharmacies and PharmEasy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $735M | $47M | $809M | 1.0x | ||
| Publicly listed | $713M | $66M | $819M | 1.2x | ||
| Publicly listed | $1.8B | $234M | $845M | 0.8x | ||
| Publicly listed | $818M | $97M | $846M | - | ||
| Private | $850M | - | $909M | 1.1x | ||
| Private | $250M | - | $710M | - |
Hippocrates Public Comps
Hippocrates is no longer listed, but its public comps include Apotea, Medplus Health Services, Aldawaa Medical Services, Anhui Huaren Health, Shu Yu Civilian Pharmacy, Genky Drug Stores, Yixintang Pharmaceutical, Zjamp Group, DocMorris and Luyan Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $735M | $47M | 1.1x | 1.0x | 17.6x | 14.3x | |||
| $713M | $66M | 1.3x | 1.2x | 13.7x | 14.9x | |||
| $1.8B | $234M | 0.8x | 0.8x | 6.2x | 7.2x | |||
| $818M | $97M | 1.1x | - | 9.6x | - | |||
| $1.5B | $105M | 0.7x | 0.7x | 9.8x | 10.6x | |||
| $1.4B | $119M | 0.6x | 0.6x | 7.5x | 7.8x | |||
| $2.6B | $264M | 0.3x | 0.3x | 3.0x | 6.0x | |||
| $7B | $247M | 0.1x | - | 2.9x | - | |||
This data is available for Pro users. Sign up to see all Hippocrates competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Hippocrates
| When was Hippocrates founded? | Hippocrates was founded in 2018. |
| Where is Hippocrates headquartered? | Hippocrates is headquartered in Milan, Italy. |
| Is Hippocrates publicly listed? | No, Hippocrates was acquired by Antin Infrastructure Partners in November 2020. |
| Who acquired Hippocrates? | Hippocrates was acquired by Antin Infrastructure Partners in November 2020. |
| How much was Hippocrates acquired for? | Hippocrates was acquired for $810M in November 2020, a 3.5x revenue multiple. |
| How much funding has Hippocrates raised? | Hippocrates has raised $1M across 1 funding round. |
| What was Hippocrates' last funding round? | Hippocrates' last funding round was a $1M seed round in January 2021, led by Antin Infrastructure Partners. |
| Who are Hippocrates' investors? | Hippocrates' investors include La Finanziaria Trentina and Antin Infrastructure Partners. |
| Which companies are comparable to Hippocrates? | Companies comparable to Hippocrates include Apotea, Medplus Health Services, Aldawaa Medical Services, Anhui Huaren Health, Pague Menos Pharmacies and PharmEasy. |
| How many companies has Hippocrates acquired? | Hippocrates has acquired 2 companies, including Top Farmacia and Meltias Farmacie. |
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