Symbion announces agreement with Lyppard

Symbion Pharmacy Services has signalled its intentions for further growth with the announcement that it has signed an agreement aimed at acquiring Lyppard Australia Limited.

Lyppard is one of the country’s leading veterinary wholesalers with sales revenue of approximately $165 million.

Symbion has signed a Scheme Implementation Agreement under which it proposes to acquire all of the outstanding shares in Lyppard via a scheme of arrangement with the transaction expected to be finalised by early July (subject to applicable approvals and conditions).

“Lyppard is a substantial, market leading business in the veterinary wholesale industry and it has a proud history of providing outstanding service to its customers across Australia,” said Symbion CEO Patrick Davies.

“We see a lot of complementary skills between our businesses, and we are looking forward to working with the Lyppard team to grow and expand the business while maintaining the Lyppard name and everything it has come to mean in the Australian veterinary industry.”

The acquisition is the first by Symbion since The Zuellig Group acquired control of the company in October 2008.

“This agreement reinforces our ongoing strategy to further diversify Symbion’s earnings profile across a range of business units,” Mr Davies said.

“It also underlines the commitment of The Zuellig Group to grow its Australian-based businesses and we believe the Australian market offers further investment opportunities.”

The acquisition, which is subject to the approval of Lyppard’s shareholders, has been unanimously recommended by Lyppard's Board of Directors who intend to vote the shares they control in favour of the transaction, in each case subject to the customary conditions in the absence of a superior proposal and subject to the independent expert opining that the scheme is in the best interests of Lyppard shareholders.

For media enquiries contact: Natasha Wade, Michels Warren PR on 08 8267 6888 or nwade@micwar.com.au