Pierrel S.p.A., Italian company specialised in Contract Research and Contract Manufacturing for pharmaceutical sector, has acquired the Hungarian company Goodwill Research, operating in the Contract Research.

The price for the 100% share capital of Goodwill Research was 3,3 million Euro of which 2,8 million cash paid at closing and 0,5 million Euro through a deferred payment based on 2007 earnings.
Goodwill Research, which had a 2006 turnover of 3,1 Million Euro, has been evaluated 6 times Ebit.
With this acquisition Pierrel Group has completed its expansion in Europe by strengthening its position in the pharmaceutical sector.
Cavour Corporate Finance has advised Pierrel in the negotiation. The seller was advised by Maganbankar, the Hungarian IMAP member.