DCC to Sell DCC Healthcare to HealthCo for £1.05 Billion

April 23, 2025

Cleary Gottlieb is advising long-standing client DCC plc in a definitive agreement for the sale of DCC Healthcare to HealthCo Investment Limited (HealthCo), an independently managed investment subsidiary of funds managed and/or advised by Investindustrial Advisors Limited (Investindustrial).

The proposed transaction values DCC Healthcare at a total enterprise value of £1.05 billion on a cash-free, debt-free basis. The proposed transaction is subject to receipt of customary regulatory approvals and is expected to complete in the third quarter of 2025.

The transaction is a material step in DCC’s strategy to simplify operations, maximize shareholder value and accelerate the growth of its energy business, DCC’s largest and highest returning division. Highlights include:

  • Sale of DCC Healthcare at a total enterprise value of £1.05 billion
  • Proposed transaction represents a multiple of c.12 times 2024 adjusted operating profit, significantly above the group’s multiple today
  • Total expected net cash proceeds of c.£945 million, including an unconditional deferred amount of £130 million receivable within two years
  • Completion and receipt of initial cash proceeds are expected in the third quarter of this calendar year
  • DCC anticipates a significant return of capital to shareholders post completion

DCC plc is a leading international sales, marketing, and support services group. Headquartered in Dublin, DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100. Investindustrial is a leading European group of independently managed investment, holding, and advisory companies with €17 billion of raised fund capital.

For more information, please see the press release.