Project Celsius – sell side pharmatech

We have been mandated to sell Swedish TSS, which is a pharma tech company offering temperature measuring products and software to pharmaceutical companies. Pharmaceutical companies are required to track temperature during all of their transports / logistics so make sure that the pharma product stays within the approved temperature limits (both for shipment of commercial products and products to clinical trials). TSS has sales of approx €21m and EBITDA margin of 25%. The split between commercial and clinical customers is roughly 50/50, but TSS has its clear edge on the clinical side, which is growing the fastest. Sales are mainly export oriented to big pharma companies. Key competitors include Sensitech, Elpro, Controlant