What did Hellman & Friedman pay for Cordis (Cardinal Health)?

Hellman & Friedman acquired Cordis (Cardinal Health) for $1.00B in 2021 (14.3x EBITDA), equivalent to 1.30x revenue. Target revenue was approximately $750.0M. Target EBITDA was approximately $70.0M.

What does Cordis (Cardinal Health) do?

Cordis (Cardinal Health) is a medical devices business.

What multiple did Hellman & Friedman pay for Cordis (Cardinal Health)?

14.3x EBITDA and 1.30x revenue, based on disclosed deal value of $1.00B and disclosed financials.

M&A TRANSACTION · 2021

Cordis (Cardinal Health) acquired by Hellman & Friedman

$1.00B· 14.3x EBITDA· 1.30x revenue

Target

Cordis (Cardinal Health)

Acquirer

Hellman & Friedman

Private Equity buyer

Disclosed financials at time of acquisition

Revenue

$750.0M

EBITDA

$70.0M

Deal Value

$1.00B

EV/EBITDA

14.3x

Context

This $1.00B acquisition of Cordis (Cardinal Health) by Hellman & Friedman sits in the medical devices sub-vertical. The 14.3x EBITDA multiple paid in 2021 can be compared against the population median for medical devices transactions of similar size on our Medical Devices valuation hub. Hellman & Friedman is acquiring as a private equity buyer; see how PE acquirers typically price medical devices businesses on our Medical Devices PE buyer-pool page.

Source

Data sourced from Press releases and bond rating releases. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2021). Cordis (Cardinal Health) acquired by Hellman & Friedman. https://exitvalue.ai/deals/cordis-cardinal-health-acquired-by-hellman-friedman-hc-2021-0091