Clinical Research (CRO) | GRAY Financial Modelling

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CASE STUDY

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Evestia Clinical - Acquisition and consolidation model

Industry: Clinical Research (CRO)

Overview

Evestia Clinical is an independent global contract research organisation building out its European footprint by acquisition. It bought ICRC-Weyer in Germany in January 2026.

In November 2026 it announced the acquisition of Emtex Life Science, a Belgian specialist in regulatory medical writing with more than 25 years of experience.

Challenge

Evestia needed a model that answered two questions.

Does the Emtex deal work?

And what does the group look like as further acquisitions are added?

Our Role / Solution

A multi-entity acquisition and consolidation model that brings each business together into one group view.

It was built to be reused.

When the next target comes along, management can add it to the existing model rather than starting again.

Outcome

The model supported the evaluation of Emtex, which completed and was announced in November 2026.

It now gives Evestia a consistent way to assess the next acquisition.

Testimonial

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