Italian pharmaceutical group Kedrion, an international leader in production and distribution of human-plasma derived medical products, mandated Banca Imi and Natixis to organize the placing of its first time bond. The issue won’t have a rating and will mature in 5-7 years. The bond will be presented in a European roadshow starting this morning in London. The roadshow will go on next Monday in Paris and finish in Milan on Tuesday April 15th.
Ke by chairman and ceo Paolo Marcucci, Kedrion is owned by Marcucci family (68%) along with Fondo Strategico Italiano ( 23,24%), while the rest (12,43%) are treasury shares, owned by the Kedrion itself.
FSI invested 75 million euros in Summer 2012 for a 18,63 pct stake in Kedrion’s capital and subcribed a convertible bond too for other 75 millions. FSI increased then its stake to 23.24%. In Summer 2013 a fund by Investitori Associati who owned a 32.25 pct stake in Kedrion’s capital, sold it to Marcucci family for 196 millions as the whole group was valued 602 million euros (Investitori Associati invested 67 millions in Kedrion in 2006).
Kedrion had 400 million euros of revenues in 2012 and 80 millions of ebitda, with a net financial debt of 170 millions. In Spring 2013 the group had an ipo project but it then decided to shelve it as it already did in July 2008. That time the company was valued 9.12 euro per share per an enterprise value of 557-7000 million euros.