On January 9, 2022, Apollo Healthcare Corp. (TSX:AHC) (“Apollo”) and Anjac SAS (“Anjac”) announced the completion of a transaction pursuant to which Anjac has acquired all of the issued and outstanding Class B shares of Apollo (“Apollo Shares”), other than certain Apollo Shares held by members of management (“Rollover Shares”), by way of a statutory plan of arrangement (“Plan of Arrangement’), under the Business Corporations Act (Ontario) (“Transaction”). Under the terms of the transaction, holders of Apollo Shares (“Apollo Shareholders”) received C$4.50 in cash for each Apollo Share held, which implies an aggregate equity value for Apollo (including the Rollover Shares), of approximately C$327 million, on a fully-diluted, in-the-money, treasury method basis.
Anjac provides contract development, manufacturing services, and analytical testing for pharmaceuticals, medical devices, health and hygiene products, and beauty products. Anjac was founded in 2008, has approximately 1,700 employees globally, and is based in Paris, France.
Based in Ontario, Canada, Apollo is one of the largest private label personal care product manufacturers in North America, developing and manufacturing retailer branded and private label products for major North American retailers.
Miller Thomson advised Apollo on the transaction with a team led by Lawrence Wilder (Capital Markets & Securities), and comprised of Adam Kline, Joshua Rim, Abid Ahmed, Brandon Meyer, and Sarah DeGenova (Capital Markets & Securities); Ron Choudhury, Neil Gurmukh and Carolyn Inglis (Tax); Karen Phung and Nafisah Chowdhury (Commercial Litigation); Monica Faheim (Restructuring & Insolvency); Eric Dufour (Competition); Karen Durell (IP); as well as Kenneth Rosenstein (Financial Services).