Company information
IDT is a global CDMO focused on vaccines and other biologics for human and animal health products
Industrials & other manufacturing
Healthcare
Engagement time
2019
Owned by
Family
Revenue (at entry)
€ 200 m
Adj. EBITDA margin (at entry)
-3%
Employee number
1.6 k
Bickel & Company set-up
Challenge
In 2019, despite holding attractive positions in structurally growing end markets, IDT was materially underperforming. While undercapitalization and severe liquidity constraints had culminated in a covenant breach and a standstill with the lending syndicate, capacity constraints and operational inefficiencies were weighing heavily on margins, and strategic ambiguity across the two divisions was compounded by an inefficient organizational structure with no clear accountability. A parallel M&A process intended to divest a core segment was started but not finalized, and prior efforts had not delivered meaningful impact, leaving a business under acute financial and operational pressure with substantial untapped value creation potential.
Approach
Immediate liquidity stabilization through sale of animal health segments
Formation of a solid finance & controlling organization to increase financial transparency, including introduction of mid-term business planning and initialization of "first-time" budgeting
Focus on the implementation of a holistic cost-down program across personnel, procurement and operations, strengthening of R&D, expansion into gene therapies, and achieving significant role in the production of Covid vaccines
Enablement of the organization by taking over key management positions (CFO, CRO)
Strengthening of governance by installing a supervisory board and taking over chair position
Impact
Adj. EBITDA increase
(engagement exit vs. entry, incl. recovery of negative EBITDA)
entry EBITDA
Recurring VCP impact
€ 35 m
(target exceeded)
Successful M&A activities
Sale of animal health division
Adj. EBITDA margin increase
From -3% to +8%
Full refinancing
Successful
