Funds managed by Italy’s private equity firms Progressio sgr and Idea Capital Funds sgr striked a very good deal yesterday announcing the sale of their portfolio company Italchimici to Italian pharaceutical group Recordati (see here the press release). less than one year from their investment at the end of July 2015 (see here a previous psot by BeBeez).
Bebeez was told that Progressio Investimenti II (owning a 71.9% stake in Italchimici) and Idea Efficienza Energetica e Sviluppo sostenibile (26.8%) funds will cash in about 3x the capital they had invested as Italchimici was valued 130 million euros, safter it had reached 46 million euros inrevenues last year with 11 millions in ebitda. Also Italmichici top managers will sell their 1.3% stake in the company.
Italchimici had been valued about 7x FY 2014’s ebitda (which was 11 million euros) and the deal was financed with 50 million euros of senior credit loans by Mps Capital Services (lead arranger), Bpm, Banco Popolare, Ubi Bancaand Cariparma.
The deal last year had been promoted by actual Italchimici’s ceo Riccardo Zagaria who led in a new management team made by Emanuele Loiacono (sales director), Barbara Mazza (strategic marketing director) and Riccardo Baraldi (cfo). Progressio sgr’s ceo, Filippo Gaggini, led the acquisition while idea capital Funds sgr coinvested. At this last deal for Progressio sgr worked also Alessandro Petraccia and Beatrice Capretti. Recordati was supported by BonelliErede law firm as for the legal issues while legal advisor to the private equity funds was Lombardi, Molinari, Segni.
“The acquisition of Italchimici represents an excellent opportunity to accelerate growth within the group, and in particular in the Italian market, with an interesting portfolio of well-known products that have significant market shares” declared Giovanni Recordati, chairman and ceo. “We are developing a growing presence in the area of gastroenterology and the consolidated Italchimici brands, much appreciated by the medical community, represent a valid complement to our current portfolio.”
Italchimici, with over 40 years of history, is a consolidated firm in the Italian pharmaceutical market with well-known products. The company offers therapeutical solutions mainly in the gastroenterological and respiratory areas which consist of both pharmaceutical products as well as food supplements and medical devices to improve the health and well-being of patients. The main brands in its extensive product portfolio are Reuflor, Peridon and Lacdigest in the gastroenterological offering and Aircort among the respiratory products.